I plan to purchase a new car, cost about 100k.
Saw some information about from 01.07.2012-30.06.13 purchase new car, you can get 5000 + 15% depreciaiton, I believe this 15% is base on Luxuy car limit(59k?) I might get benefit from that if purchase new car before EOFY
Qeustions:
How ATO determine the date of purchase? I will pre-order car before EOFY 2013, car actually delievery on later 2013 or early 2014
Tax invoice from Dealership? It will be hard as engine VIN number won't be avaible until July
Also consider have mortgage on it, I have two option here
1. Using equity from my property setup new home loan to finance car. (lower interest)
2. Equipment finance via WBC, the car 51% or more for business due to my job
All of these interest expense are deductable? which way is better?
Thanks
评论
I assume you don't carry a business ,you will purchase the car under your name, and you will claim the motor vehicle expense as work related car expense in your personal tax return.
You will not be able to use the first $5,000 depreciation immediate write off method because that concession is only available to small business entities.
If you want to claim depreciation for car, then you can only use logbook method Or one-third of actual expenses method. You can only start to depreciate the car when you first use it, or install it ready for use. Usually it will be delivery date,not order date or invoice date.
Under either logbook method Or one-third of actual expenses method, interest on the borrowing is included in the calculation of total MV cost. Your understanding of luxury car limit is correct, the depreciation is subject to the limit.
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