Temporary full expensing

i got a abn for my second job, planning to buy a car but unfortunately It will come around march. can i ask you oz bargainers if i still can write off the asset this financial year?


  • If you're talking about FY21-22 most likely yes depending on the tax rules in place.
    For the FY just gone no.

    See tax accountant.

    • -1

      yes the 21-22, how do you know

  • No

    • 21-22 financial year

  • Must be used or available for use. That’s your point of claim

    • yes for my business

      • Yes. For your business

  • Temporary full expensing has been extended until the end June 2023.
    And as for your question, if your car comes in March 22 then yes it falls under the current financial year (july 21-june 22).

    • thank you

  • Why is your caps lock always stuck?

    • fixed thanks

      • +1

        Does your shift key work?

        • +3

          One step at a time.

  • Didn't we just have a post like this?

    • i think it doesnt matter if psi or not

      • You would need to keep a log book for business use vs everything else (last time we did it was for 12 consecutive weeks, maybe different now?). The ratio that is business use is what’s allowed to be expensed, including the claiming of the GST credit and deductions.

        • Is it imediage deduction? Also example of business use if car is the asset

          • -1

            @Mrokire: I would speak to a tax accountant. If the car is bought under the business name and you enjoy private use of it FBT may also be applicable.

          • @Mrokire: Example of business use is driving to customer sites from your office location, delivering goods to customer locations, driving from office to customer locations for meetings… You get the gist of it - basically driving to/from customers.

            Driving from home to office or from home to customer location is not business use.

        • can you give me example on the log book for business use

      • +1

        PSI does matter as it can prohibit your from claiming temporary full expensing

      • i think it doesnt matter if psi or not

        Good luck with that.

  • This financial year ends 30/6/22 so if the car arrives in Mar 2022 you have no problems

    • thank you what a relief

  • You have not got it, have you? It's not in your possession. How can it be depreciating when you haven't even got it?

  • You would also need to take into account selling the vehicle. if you do end up using the temporary full expense route, then sell it, that income would become fully taxable.

  • OP:

    i think it doesnt matter if psi or not

    OP is going to get rekt at tax time.

    Do you really think anyone can get an abn from https://abr.business.gov.au/ContactUs/Apply and then do some small jobs on freelancer.com and write off a 50k car?

    Call the ATO please OP I don't want to see you here in a year or a few years asking help I'm getting reviewed by the ATO.

    • ive already have abn,, and already making 23k on my business

    • i asked the accountant im eligble to offset my new car for business :)

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