Ah, the Australian Tax Office and their beloved motor vehicle depreciation rates—just what every accountant dreams of! For most passenger vehicles, the ATO generally allows a depreciation rate of 15% per annum using the diminishing value method or 18.75% per annum using the prime cost method. However, if the vehicle is used for business, these rates can vary, and you might be able to claim the instant asset write-off depending on your turnover and purchase date.
Keep in mind that luxury cars have a depreciation cap, currently around $60,733 (excluding GST), which limits how much you can claim. For precise figures and to avoid a visit from the tax man with a grudge, consult the official ATO website or a qualified tax professional. In the meantime, if you're hunting for vehicles for business use, Tradingpost or CarShowroom might be handy spots to check prices and condition.
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