As the end of financial year approaches, business on the Gold Coast have a limited time to take advantage of the Instant Asset Write-Off scheme. Gardner Cars, renowned commercial vehicle specialists, are here to help you navigate this opportunity and maximise your tax savings. With a diverse range of quality used cars, utes and vans, Gardner Cars is your go-to dealership for leveraging the Instant Asset Write-Off scheme and driving your business to new heights.
The Current Instant Asset Write-Off Scheme:
Under the existing Instant Asset Write-Off scheme, eligible businesses with a turnover of up to $5 billion can claim business assets up to $150,000 as a work expense in the same financial year – with a cap of $65,000 for new and used motor vehicles. This has been a significant boom for businesses looking to invest in commercial vehicles without the burden of a lengthy depreciation period.
Changes in the 2023-24 Federal Budget:
The recently announced 2023-24 Federal Budget brings about changes to the Instant Asset Write-Off scheme, which it is important businesses are aware of. The new scheme introduces a $20,000 cap for work cars, meaning vehicles that cost more than $20,000 will have their tax deduction spread over three financial years. Additionally, the revised scheme now applies only to businesses with a turnover of up to $10 million, narrowing the eligibility pool.
Implications for Ute and Van Buyers on the Gold Coast:
The clock is ticking for tradies and small businesses on the Gold Coast as they race again the June 30, 2023 deadline to take delivery of new work cars under the current Instant Asset Write-Off scheme. However, challenges such as chronic stock shortages, production slowdowns, and shipping bottlenecks have made many turn to used vehicles as opposed to new vehicles. Gardner Cars has over 140 used vehicles in stock ready to take delivery, ensuring businesses can make the most of this limited-time opportunity.
Partnering with Gardner Cars:
Gardner Cars specialises in commercial vehicles, offering a wide selection of used cars, utes, and vans that qualify for the Instant Asset Write-Off scheme. Our knowledgeable team is dedicated to assisting businesses in finding the ideal vehicle to suit their specific needs and budget. By partnering with Gardner Cars, you can access a range of quality vehicles, benefiting from our expertise in the commercial vehicle market.
Maximising Tax Benefits and Long-Term Advantages:
While the Instant Asset Write-Off scheme provides businesses with tax deductions, it is essential to understand the finer details to maximise the benefits. At Gardner Cars, we emphasise the importance of consulting with tax professionals or accountants to ensure compliance and take full advantage of the available tax savings. Additionally, acquiring a commercial vehicle through the Instant Asset Write-Off scheme bring long-term advantages, such as increased operational efficiency, expanded service offerings, and an upgraded fleet.
Secure Your Commercial Vehicle on the Gold Coast Today:
The Instant Asset Write-Off scheme’s deadline is rapidly approaching, making it imperative for businesses to act promptly. Gardner Cars is your trusted partner in securing a commercial vehicle that meets your requirements while capitalising on tax savings. With out extensive inventory and expertise in commercial vehicles, we ensure a seamless and tailored experience to drive your business forward.
Don’t miss out on the opportunity to leverage the Instant Asset Write-Off scheme for your commercial vehicle purchase on the Gold Coast. Gardner Cars, as the leading commercial vehicle specialists, offer a comprehensive range of used cars, utes, and vans that qualify for tax deductions. Act now to secure your commercial vehicle before the deadline passes, and unlock significant tax savings for your business. Contact Gardner Cars today to explore the possibilities and drive your business towards success.