Hi,
My question is related to depreciation/ instant asset write off for a car purchased in 2024/2025 for for $30000. I'm a small business (sole trader) using the simplified depreciation rules, and the car is used for 60 % business, 40 % personal. My understanding is I can't claim the 60% ($18,000) under the instant asset write off as the entire cost of the car ($30000) is over the $20,000 limit. However, I would add the business portion ($18000) to my small business pool. This would make my total balance of small business pool $18000 as it had a $0 opening balance. So can I write off the $18,000 as its under the $20,000 limit in the small business pool? If so, how do I actually fill this out (what sections) on my e-tax?
Thank you
328 views
328 views2 replies
2 replies
328 views
2 replies