Private ruling: Business income tax deductions
Date of advice: 10 September 2021
Published: November 2021
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Can the full cost of the relevant utility vehicle be deducted? | A1: Yes. Having considered your circumstances as outlined below, you will be entitled to a deduction for the full cost (net of GST) of acquiring the vehicle under current provisions relating to temporary full expensing. Further information on the temporary full expensing can be found by searching 'QC 64428' on ato.gov.au.

Relevant facts and circumstances: You are a sole trader small business entity with an aggregated turnover of under $X billion. You purchased a utility vehicle in the 20XX calendar and financial year. The vehicle was built in 20XX and is a new asset purchase. The vehicle has a load carrying capacity of X kg and is designed to carry Y passengers, including the driver. The vehicle will be used 100% for business purposes and is ready for use in business.

Relevant legislative provisions: Income Tax Assessment Act 1997 Division 328 | Income Tax (Transitional Provisions) Act 1997 subdivision 40-BB


This ruling applies for the following period: