As another year continues to fly by, the end of financial year (EOFY) is fast approaching.
Recent changes to tax laws mean that businesses (SMEs) can get an instant tax deduction when buying an asset before July 1 if the purchase cost is less than $20,000. You are eligible to claim a deduction for the business portion of each asset (new or second hand) costing less than $20,000 if:
- you have a turnover less than $10 million (this has increased from $2 million) and
- the asset was first used or installed ready for use in the 2016-17 income year
If this applies to you and your business, why not take advantage before time runs out?
Now is the time to consider upgrading your work vehicle. Manheim Auctions can help as they have a huge range of vehicles for you to choose from. With weekly auctions featuring all type of cars and light commercial vehicles as well as small trucks and machinery, you can be sure to find something suitable for your business.
In addition to buying at auction, there is also a great range of ‘BuyNow’ vehicles for you to purchase at a fixed price. You can find BuyNow showrooms at Manheim locations nationally, which are stocked with plenty of fixed price cars under the $20,000 threshold. In addition, Manheim runs Super Saturday auctions in Sydney and Melbourne specialising in vehicles under $15,000.
Don’t forget, if you do decide to upgrade your vehicle, the ‘Sell My Car’ vehicle buying service is available to help. At Sell My Car, they make selling your car easy and guarantee next business day payment for your car. Now you might be thinking ‘how much is my car worth?’ Simply visit sellmycar.com.au to get a quick and easy estimate car, then book an appointment at any of the Sell My Car branches around Australia to see what your car is worth.