Home – New Forums Other discussions Buying a car for our business

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  • #983032
    Minibeast Wildlife
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    Hi,
    We’re looking at purchasing another car for our business, and wanted some advice on the best way to do this.
    Is it better to purchase it outright or to obtain a bank loan, as any loan interest would be able to be claimed as a tax deduction?
    Thanks for your help!

    #1140237
    Paul Wineberg
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    Hi.
    You need to consider the type of finance that would best suit your needs. Eg if you are registered for GST on a cash basis you may be best to purchase under a chattel mortgage arrangement as you can claim the GST back on the next BAS. If you we’re to finance as a Hire Purchase arrangement then you would re-coup the GST over the life of the loan. You also need to consider the luxury car limits. There is a few things to consider and I would be happy for you to call me to discuss this before telling you the best way to finance the vehicle.
    Thanks.

    Paul Wineberg
    http://www.pjwineberg.com.au

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