I purchased a vehicle for my business on March 12 2020. I was unable to officially use the vehicle for my business because we went into Covid lockdown. I began using the vehicle for my business in July 2020
When I went to lodge my tax return my tax agent said I was unable to claim on the vehicle because I hadn't officially used it during the 2019-2020 tax year and that I could claim it as a deduction on my 2020-2021 tax lodgement.
Is this correct?
Hi @Sash1,
As long as you meet all other requirements for the instant asset write-off, you can start claiming the deduction when the asset was first used. Your tax agent is correct, as the vehicle was first used for business in the 2020-2021 financial year.
You can read more about the instant asset write-off on our website.
Hope this helps.
Hi @Sash1,
As long as you meet all other requirements for the instant asset write-off, you can start claiming the deduction when the asset was first used. Your tax agent is correct, as the vehicle was first used for business in the 2020-2021 financial year.
You can read more about the instant asset write-off on our website.
Hope this helps.
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