With the federal government’s announcement regarding the $20,000 tax break for small businesses, there has never been a better time to secure finance to purchase the equipment and vehicles you need.
Finance can help your business by allowing you to purchase your work vehicles without affecting your business’s cash flow. Being smart with finance means you will still reap all the benefits of tax breaks while using your CFMoto for work purposes.
Following are three more tax incentives of using finance to purchase your next CFMoto:
Tax incentive 1: Depreciation
Financed vehicles are also eligible for depreciation tax benefits. As with all other work vehicles, your CFMoto will depreciate over time and eligible businesses are able to recover some of the costs of an aging machine.
Tax incentive 2: Operating costs deductions
Whether it’s out on the farm mustering cattle or zipping through the city streets couriering documents and parcels, if your CFMoto is for business purposes then the operating costs such as fuel and scheduled servicing can be tax deductable. The interest you pay on your loan as well as insurances you need to cover your CFMoto can also be eligible for tax deductions.
Tax incentive 3: Leasing costs
If you have negotiated a leasing agreement with CFMoto finance, then your leasing costs could also become eligible for tax deduction purposes.
Seek independent financial advice first
CFMoto recommends you speak to your financial advisor or Accountant before making any decisions regarding finance and eligible tax deductions.
To better service our customers across Australia and offer them even greater value for money on their CFMoto vehicle, CFMoto Finance was launched in 2015. With dedicated support from our team of finance specialists across each state and territory, you can be assured we are here to help.