Business owners may be eligible for an immediate tax write-off of a new or second-hand vehicle
up to any value (previously $150,000 maximum) if the asset is ordered, acquired, installed and
ready for use between 6 October 2020 and 30 June 2022.

Australian taxation legislation currently states that the depreciation limit for a motor vehicle
defined as a car* remains at $59,136.
* The depreciation car limit applies to a vehicle classified as a ‘car’ (a vehicle designed to carry a load
of less than 1 tonne and fewer than 9 passengers) in the tax legislation.

This means that cars below the car depreciation limit; like Yaris, Corolla, Camry,
C-HR & RAV4 may be eligible for a 100% Instant Asset Write-Off in the income year
it is first ready for use if delivered by 30 June, 2022. Vehicles (with over 1 tonne payload)
such as our HiLux 4×4 Extra-Cab Cab-Chassis for example, may be eligible for a 100% write-off.

Please note that the above is for illustrative purposes only.

From 6 October 2020 to 30 June 2022, for businesses with an aggregated annual turnover
of less than $50 million, the Instant Asset Write-Off scheme continues to extend to
eligible second-hand assets too.

The entire Toyota range is eligible for a form of Instant Asset Write-Off.
Ask your accountant about how this benefit can be applied for your business.

It is important to note that this communication should not be used
as tax advice. Please first speak with your accountant to see how this stimulus
package applies to your business.

READ THE FULL AUSTRALIAN GOVERNMENT ANNOUNCEMENT HERE.