Instant assets write off - 24/25 tax year

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(Newbie)Newbie

3 May 2025

Hi,

I’m a small business owner of an events hire company.

im looking to buy a ute within this tax year (24/25) for $20k or less, & I would use the vehicle 70-80% of the time for business.

If i bought the vehicle this tax year (within the next 2 months), could I claim the 70-80% ($16k) of the cost of the ute for my 24/25 tax return or would I need to wait until 25/26 to claim? Would I need to show log books or any other information? How would it work?

thank you,

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RachelATO

(Community Moderator)Community Moderator

24 May 2025

Hi @TWW13,

As a small business you can use the instant asset write-off if it cost $20,000 or less (excluding GST). The amount paid for the vehicle (exc. GST) plus stamp duty is what you claim, when you meet the eligibility conditions.

If it is used privately as well, you should apportion the cost (keep a logbook).

Here's a couple of links that will help you out:

Instant asset write-off for eligible businesses

Record keeping for small business

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Instant assets write off - 24/25 tax year

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