New ATO upfront deductions for motor Vehicles and Plant & Equipment

With the intention of driving more business investment during these difficult times, the Federal Government has announced new deductions for most plant and equipment, motor vehicle and other business assets either ordered or acquired from 1 July 2012 for eligible small businesses with a turnover of less than $2 million.

The new measures mean small businesses can instantly write off most assets (including Motor Vehicles) purchased after 1 July 2012 and costing less than $6,500 as a once off tax deduction.

Also available is an immediate one off deduction of $5,000 for new or used motor vehicles purchased from 1 July 2012 and costing more than $6,500 with the balance of the cost depreciated as per the normal depreciation rules.

Make sure you talk to us about this fantastic opportunity to generate a big tax break for your business for the 2013 tax year and beyond.

7 thoughts on “New ATO upfront deductions for motor Vehicles and Plant & Equipment

  1. Hi would you mind stating which blog platform you’re using? I’m looking to start my own blog
    soon but I’m having a difficult time making a decision between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your layout seems different then most blogs and I’m
    looking for something completely unique. P.S My apologies for getting off-topic but I had to ask!

    1. Hi,

      Thank you for your appreciation, we try to make our blog as beneficial as we can for our clients and others.

      We use WordPress as it provided some simple and easy to edit layouts with the ability to customize even more if we choose to.

      We look forward to seeing yours develop.

      The McMahon Osborne Group.

  2. hi, looking to purchase (no finance) plant equipment to the value of $15,000. As this is over $6,500, do I get an immediate deduction of $6,500 PLUS a percentage? How would it work?

    1. Hi Adam,

      Sorry – the instant write off is an all or nothing type of deduction. In your case the purchase would be subject to the normal depreciation provisions as the cost of the asset is greater than $6,500. So you will still get a deduction for the asset purchase but just over a longer period rather than the instant write off.

      I hope that helps and good luck with the purchase.

      Tim.

  3. The process of buying a car can be extremely taxing.

    Some people might not know a lot about cars, but there are others who know too much and constantly feel
    like they aren’t getting a good deal. You can get the best car at the best price by following this advice.

  4. Hi seriously great read.
    I need to admit aim pretty new to using WordPress well really very new. Just starting to acquire the hang of it. Reading your put up has been very informative. I have to admit still not totally 100% percent clear in my head. So have just put your blog on my desktop so I’m able to go straight to it and have another appear later.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s