Can i claim instant vehicle write off with my abn against my other employment income if my business has been on hold due to covid but I am buying a new vehicle to get it going again
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Hi @SHPT,
Your business expenses are offset first against your business income.
If your business income ends up running at a loss, you must work out if you need to defer your loss by using the four tests. There are only a few circumstances where you can offset your business losses against other income (like employment income).
Remember that the instant asset write-off threshold for purchases made after 31 December 2020 is $1,000. If you wish to claim an entire purchase above this value now, you'll need to use the temporary full expensing measure.
You can read the rules for non-commercial losses, four tests, and temporary full expensing on our website.
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Hi @SHPT,
Your business expenses are offset first against your business income.
If your business income ends up running at a loss, you must work out if you need to defer your loss by using the four tests. There are only a few circumstances where you can offset your business losses against other income (like employment income).
Remember that the instant asset write-off threshold for purchases made after 31 December 2020 is $1,000. If you wish to claim an entire purchase above this value now, you'll need to use the temporary full expensing measure.
You can read the rules for non-commercial losses, four tests, and temporary full expensing on our website.
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