With the purchasing of luxury vehicles on the rise it’s important to be aware of some specific features of the tax system that can impact on the real cost of purchase.

The $20,000 instant asset write-off for the 2024–25 financial year has finally been passed into law.

Legislation increasing the instant asset write-off threshold for the 2024 income year passed Parliament last month.

In a follow up to May's Budget, here’s a quick summary of 8 key changes coming into effect on 1 July 2024.

This measure enables an asset’s cost to be fully deductible upfront rather than being claimed over the asset’s life, regardless of the cost.