hello,
I am wanting to buy a new car for my business and use the new instant tax write-off available.
Can it only be fully claimed as an instant tax write-off / expense if i purchase it outright? Or is it also possible to claim the full value of the car this financial year if i get the car under a loan over 5-7 years?
Hi @PixiePaul
If you take out a loan to pay for the car, you're still purchasing the car outright. It's about when you're invoiced for the asset and incur the expense, not how you pay it. The only difference is if it's a hire purchase.
That means you can still claim it under temporary full expensing (which replaces the instant asset write-off until June 2023) even if you got a loan to pay for it. :)
Hi @PixiePaul
If you take out a loan to pay for the car, you're still purchasing the car outright. It's about when you're invoiced for the asset and incur the expense, not how you pay it. The only difference is if it's a hire purchase.
That means you can still claim it under temporary full expensing (which replaces the instant asset write-off until June 2023) even if you got a loan to pay for it. :)
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