Thread: New car Rebate for ABN holders

Hi, I am in the market for another work car. I have been looking at the Hyundai I load, and am impressed with the van. Now since the govt has been offering the 50% tax rebate it makes it a very attractive buy, but is it?.

I am no accountant and have been told by many people its a no brainer its too good to be true, go and get one.
But I am not sure.
I would like to know if any one knows the pros and cons of this deal and whether i am just better off just buying a second hand van for say $15 grand and owning it!. I know it depends on other factors such as income assets, depreciation and other personel circumstances but genrally speaking is it a good deal or just a scam to boost the new car industry. Sorry if this has allready been discussed here.
Cheers
Will.

Its an extra 50% depreciation (limited by the maximum depreciation limit which includes GST) in this tax year as long as business use is more than 50% and the business has less than $2M turnover. The vehicle must have been purchased or an irrevokable order signed before the end of this month and the vehicle must be acquired by the end of June.

The extra depreciation may or may not be useful in reducing tax payable depending on an individual's circumstances.