munciebirder
Joined: 11 May 2004
Posts: 5
|
 Posted: Wed Nov 19, 2003 1:13 am Post subject: When should I sell my car for Tax? Australia only please... |
 |
|
| I work in Real Estate and use my car for 87.4% work use, I earn $150,000+ and have just bought a $50,000 new car, when should I sell it for tax purposes? 1 year, 2 years, 5 years? I was told to purchase new so I can claim more tax, but have been told varying things about when to re-new it. Also, would I not be able to claim the same amount of tax if I had bought a 2nd hand car at $50,000? |
|
shadycaliber
Joined: 08 Apr 2005
Posts: 3
|
| Posted: Tue Dec 23, 2003 4:35 am Post subject: When should I sell my car for Tax? Australia only please... |
|
|
| Nookie is being incredibly rude :OBut I do agree that you should ask your accountant. On that level of income you may benefit more from salary packaging novated lease arrangement under which you sell the car every 3 years or so years when you pay out the residual, and then lease a new car - ask your employer if they'd offer that (it saves them in superannuation too).Of course, the more you spend may translate to more of a tax deduction but in the end you're still more out of pocket because a refund arising from a tax deduction amounts to less than half of the costs being compensated for.The age or newness of the car has no bearing on the tax deduction available. But the cost and work use % do. |
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
