Institute of Certified Bookkeepers
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MV Instant Write off in Partnership

  • Member in Practice
  • Practice Certificate
  • 2 posts
  • # 118836

Client has a partnership firm. They wanted to buy a car and get the GST Claimed and asset write off. But Department of Transport does not register the car on the name of partnerhip firm. DoT need either individual name OR body corporate. in this case if car purchased under one partner name, can we claim GST and Asset write off from the partnership firm?

Or what is way to claim MV in partnership firm, if DoT does not register.

  • 34 posts
  • # 119063

An instant asset write-off allows small businesses (with an annual turnover of less than $500 million) to claim immediate deductions up to an amount of $150,000 (this will reduce to $1,000 from 1 January 2021) for new or second-hand plant and equipment asset purchases such as vehicles, tools and office equipment.

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