Instantly write off the cost of a new or pre-owned Audi vehicle.

As part of the Federal Government’s response to the COVID-19 pandemic, the existing instant asset write-off initiative has been extended from $30,000 per asset, up to $150,000 per asset.

These measures are already in place for businesses with annual revenue up to $500m, with the scheme set to end on December 31, 2020.

The scheme allows businesses to immediately write off the cost of assets under the threshold, andclaim a deduction for the business portion of the expense in the first year that the asset is utilised.

Importantly, the depreciation a business owner is able to claim remains at $57,581 for cars.

Businesses that choose to finance the purchase of assets are equally eligible to the instant write-off scheme and may continue to expense appropriate interest payments over the life of the loan.

This information is based on general advice from the Australian Tax Office. Audi Centre Perth recommends business customers seek independent, professional advice on eligibility prior to the purchase of a new or pre-owned Audi vehicle.