- Total posts: 172
- If I’m a sole trader and I buy for a car for $40k, can I say that it is used 50% for work and 50% for personal, and claim the 20% tax write off against the business?
- If I buy a used car off gumtree for $19990, do I need an invoice or does it go against the valuation on the rego forms?
You need to be able to support the expense if the ATO were to query it. A bank transfer for $19,990 plus any sort of receipt you create that is signed by the seller should suffice
- Does stamp duty count towards the total cost?
- If I buy a car for $19990, and then I pay $500 registration for the rest of the year, does that push it over the threshold?
There may be other/better ways to structure the purchase depending on your particular circumstances. Pay for an hour of an accountants time, and you’ll generally end up ahead from a tax structuring perspective