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The motor vehicle depreciation cost limit has increased to $60,733 from 1 July 2021.
If a car is purchased for more than the cost limit, the maximum amount of GST that may be claimed is 1/11th of the prescribed cost limit, that is, $5,521 for 2021/2022. Contact us if you have any queries.
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AuthorPaul Griffiths is a Chartered Accountant with over 20 years assisting Australian Small Businesses with income tax, succession and tax planning matters. |