5 utes you can write off on your tax now
Generous new instant asset write-off limit, end of financial year deals and stock glut make now the best time to buyIf you’re a small to medium business owner in the market for a new ute, there’s never been a better time to buy one.
That’s because the federal government’s generous new instant asset write-off threshold and traditional end of financial year deals will both end on June 30, which is now less than two months away.
And with Australian new-vehicle sales plunging by almost half last month due to COVID-19 lockdowns, leading to an oversupply of stock, car dealers are keener than ever to strike a deal.
As we’ve detailed here, the federal government increased the instant asset write-off (IAWO) threshold from $30,000 to a whopping $150,000, for businesses with an annual turnover of less than $500 million.
Unlike cars, for which the IAWO limit is $57,581, commercial vehicles (including utes, vans and trucks) are all eligible for the full $150K write-off limit because they’re not designed primarily for transporting passengers.
What’s more, it applies to both new and used vehicles, and is per asset, meaning that if you buy a ute, a van and a small truck that each cost under $150,000 each, you can write off the cost of all three purchases in you 2019/20 tax return.
So without further ado, here are five of the best ute deals for ABN holders keen to take full advantage of this unprecedented financial incentive in unprecedented times…
1. Toyota HiLux
The Toyota HiLux has been Australia’s top-selling vehicle –bar none – for the past four years and the high-spec SR5 has long been one of the most popular variants in the range.
Right now, the Toyota HiLux SR5 dual-cab 4x4 automatic is being offered for $53,990 drive-away (plus a $1000 bonus for primary producers), which represents a significant saving over the manual’s regular price of $55,240 plus on-road costs.
Click here for more Toyota HiLux deals or look up Toyota Hilux utes for sale
2. Ford Ranger
The Australian-designed and developed Ford Ranger is Australia’s most popular dual-cab 4x4 ute and the XLT continues to comprise a high proportion of its sales.
Currently the latest MY20.25 Ford Ranger XLT 4x4 Double Cab 3.2 auto is available for $54,990 drive-away – much less than the $57,240 price that Ford normally charges for the manual – before on-road costs.
As usual, the more powerful 2.0-litre BiTurbo diesel version costs an extra $1500, which in this case amounts to $56,490 drive-away – $4450 less than its normal price of $60,940 plus ORCs.
Click here for more Ford Ranger deals or look up Ford Ranger utes for sale.
3. Mitsubishi Triton
The Mitsubishi Triton is Australia’s third most popular ute and the freshly updated MY20 version not only brings sharp value but matches the Ranger and HiLux when its comes to advanced safety features.
The newly introduced flagship Mitsubishi Triton GLS Premium Double Cab 4x4 auto is normally priced at $52,790 plus ORCs, but right now can be had for $50,290 drive-away, including a seven-year/150,000km warranty and an extra $1500 off.
Click here for more Mitsubishi Triton deals or look up Mitsubishi Triton utes for sale.
4. Isuzu D-MAX
The Isuzu D-MAX is Australia’s fourth most popular ute and, with an all-new replacement coming June, there are some solid deals on offer for the outgoing model, demand for which remains strong for good reason.
The flagship 2019 Isuzu D-MAX LS-T 4x4 Crew Cab auto is now available for $51,990 drive-away – down from $54,900 plus on-road costs – and buyers will also score a six-year warranty with roadside assist and a seven-year capped-price service deal.
Click here for more Isuzu D-MAX deals.
5. RAM 1500
RAM Trucks Australia broke all the rules when it introduced the full-size RAM 1500 Express Quad Cab – complete with 5.7-litre HEMI V8 petrol power and 4500kg towing capacity – for $79,950 plus on-road costs.
It might be converted to right-hand drive locally and about to be superseded, but RAM is now throwing in statutory and government costs, making the cheapest RAM 1500 unrivalled value at under $80K drive-away.
Click here for more RAM 1500 deals.
RELATED:
5 light trucks you can write off on tax now
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