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#1
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Vehicle Financing Options
Ok,
So im currently looking at purchasing my own car and using it for work. It will be a dual cab 4x4 ( Amarok/Colorado/Ranger) and im not to sure what tax implications/benefits i can get out doing something like this as opposed to just getting given a car to use ( currently a single cab triton). Under the deal work would pay me a Vehicle Allowance and supply me with a fuel card. I cover all the other incidental costs ( rego, insurance, servicing etc). Does anyone do this sort of thing or know about it? Have they used it to their benefit tax wise or am i better off having a free car i can only use during the week? Cheers in advance. Dave
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2016 Subaru Outback - Work Wagon 350NM of CVT Goodness Pit Crew, shit talker. |
#2
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Free car sounds good to me.
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MY00 WRX. 89 Prelude. 99 CRV |
#3
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Long story short it's always going to be more financially viable to have work supply you a vehicle as it's zero cash outlay.
Tax implications are dependent on business kilometers driven you will have access to four different models.
For more details on the above click here Tax Tools Don't fall under the trap of if I have work related expenses my taxable income will be lower and I'll get a refund/higher refund as every dollar spent on a tax deduction does not equate to $1 saved in tax. Any questions let me know.
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[SIGPIC][/SIGPIC] |
#4
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My current vehicle is on a Novated Lease with good tax benefits and approximate saving of over $3K/yr. I've opted to have petrol/servicing/tyres/rego/insurance as part of my lease agreement.
You are able to pick and choose what you include/exclude. You can choose either a new or used car (3yrs/under). Also if you buy from a car yard you don't pay GST so you can knock off 10% off the ticket peice even before haggling. Obviously private sales are different.
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....slow and steady wins the race....fark that!! |
#5
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Master d, the cars you are looking at will not actually be classed as a motor vehicle under the tax law , but as a commercial vehicle. That means so long as private us is minor and infrequent you can claim expenses etc against the allowance. Basically an have a heap of private use going to the shops and holidays, must be primarily wrk use.
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#6
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Quote:
In regards to deductibility of motor vehicle expenses against the allowance whether it be a sedan or utility etc is irrelevant as long as you use one of the methods previously mentioned above to arrive at your deductible portion.
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[SIGPIC][/SIGPIC] Last edited by mARC; 22-05-2014 at 08:10 PM. |
#7
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No worries Marc. Not gonna get in a fight in a forum re expenses. Check the division out that says what a car is for car expenses. End
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#8
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Please feel free to prove me wrong.
Won't cause a shit fight
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[SIGPIC][/SIGPIC] |
#9
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Pm d
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#10
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Keep free work car. Buy another STi.
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[COLOR=RoyalBlue][B][I]Titanium Reinforced[/I][/B] MY00 Impreza WRX | MY11 Liberty GT Premium[/COLOR] |
The Following User Says Thank You to Saint_23 For This Useful Post: | ||
GTB Liberty (23-05-2014) |
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financing, options, vehicle |
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