How to deduct tax on the cost of vehicles in business

Release your eyes, put on headphones, and listen~!

Corporate and personal business tax declarations, and how to deduct the cost of using a car in personal tax declarations are frequently encountered problems in business management. Related requirements in the tax law include:

Whether it is a luxury car (Luxury car)
If you buy a luxury car for business and work, the part that exceeds the luxury car tax standard cannot be reimbursed or deducted for GST, regardless of the proportion of the car used for business.
Car limit (Car limit)
The tax law stipulates that there is a limit on the reimbursement of vehicle expenses for business vehicles. In the 2019-2020 fiscal year, the ATO announced the vehicle cost limit Car Limit is $57,581 (including GST).For example: Ms. Zhou spent 68043 Australian dollars (including $6,023.60 GST and $1,783.15 luxury car tax). The vehicle was used exclusively for business. Due to the limitation of the vehicle reimbursement ceiling, Ms. Zhou declared the purchase of the car for $57581 (including 5234 Australian dollars GST can apply Tax refund).

Proportion of business vehicles
When part of the vehicle is used for business and part for private use (Private use), the tax law stipulates that the proportion of business vehicles should be determined in accordance with appropriate methods. Only the part of business vehicles can be used for reimbursement of business costs and application for refunds. GST. For example, in the above example, if Ms. Zhou plans to use 50% of the car in the business, then her business declares a car expense of 28733 Australian dollars (including 2612 Australian dollars GST can apply for a tax refund, 5234 Australian dollars 50%).

Related posts

People have appreciated
Investment, financial managementImmigration to Australia

After immigrating to Australia, the "downgraded" middle class: recognizing life while struggling

2019-12-20 18: 17: 49

Chinese communityWork, entrepreneurshipInvestment, financial managementLiterary world

Bank manager defrauded 420 million stolen money by using his position to squander the family

2020-8-28 9: 00: 00

0 replies AArticle author Madministrator
    No discussion yet, let me talk about your views
Personal center
shopping cart
coupon
Sign in today
New private message Private message list
Search
Fulfill your dreams!Sign up for $30