Yes. Instant Asset Write-off and temporary full expensing are accelerated asset depreciation measures introduced by government as a taxation benefit to business. In March 2020, the Federal Government introduced IAWO to stimulate the economy out of the COVID-19 recession and expanded the measure with the inclusion of temporary full expensing in the October 2020 budget. Both these measures have time limits and eligibility criteria.
They allow businesses to depreciate and hence deduct, the full cost of an asset acquisition in the year of purchase rather than depreciate the asset incrementally over several years. In order to depreciate a vehicle, the equipment must be owned by the business and appear on the company books. This is what happens with Chattel Mortgage so it can be utilised with both IAWO and the more expansive full expensing for eligible vehicles and eligible businesses.