Before you buy a car under your business name, there A LOT of things to consider. Factors like the type of vehicle, whether it's new or second-hand, and how you use it, all have different tax implications. Let me break this all down for you so that you can make the best decision for your situation.
And of course, always consult your accountant before purchasing a vehicle for your business.
CHAPTERS:
00:00 - Intro
00:45 - How a Car Purchase affects your Income Tax
01:42 - How a Car Purchase affects GST
03:02 - How a Car Purchase affects Fringe Benefits Tax
03:57 - Basic Example of How Income Tax would apply to your Car Purchase
05:07 - Basic Example of GST would apply to your Car Purchase
05:48 - Basic Example of Fringe Benefits Tax would apply to your Car Purchase
06:56 - Scenario 1: Purchasing a New Car from a Dealership for 3+ Years
07:32 - Scenario 2: Purchasing a Second-Hand Car from an Individual
08:04 - Scenario 3: Purchasing a Lamborghini
08:27 - Scenario 4: Purchasing a Ute, Truck, or Van
08:55 - Checklist of Important Questions to Consider before Purchasing a Car
09:56 - Final Thoughts
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Davie has over 14 years of experience in advising businesses in management accounting and taxation issues. He heads up a passionate team at Box Advisory Group who are dedicated to offering proactive and outstanding service to our clients.
Davie’s extensive experience in providing tax and consulting advice and astute business knowledge has paved the way for success for many businesses.
He is a member of the Chartered Accountants Australian and New Zealand, a member of the Australian Tax Practitioners Board and holds a Bachelor of Commerce degree from the University of New South Wales.
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DISCLAIMER: Please note that every effort has been made to ensure that the information provided in this video is accurate. You should note, however, that the information is intended as a guide only, providing an overview of general information available to contractors and small businesses. This guide is not intended to be an exhaustive source of information and should not be seen to constitute legal or tax advice. You should, where necessary, seek your own advice for any legal or tax issues raised in your business affairs.
6 авг 2024
