Home – New Forums Money matters Online Business and Writing off a Car Help?

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  • #991854
    vk308
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    Hello everyone :)

    After some advice as I really don’t understand the whole tax write off thing. I have been running an online ebay business that has grossed over 75,000 in sales for the past 3 financial years. I have really had no tax write off apart from general business expenses. The product is winding down and I can see next year I will be under the 75K I think so wont need to worry about gst. Im looking at buying a car and just wondering whats the best method buy and pay off and write off each year or lease etc. How much would this advantage me each year trying to get a rough idea on whether I keep my crappy car or go for a new one. Have no idea about tax write offs to use to my advantage. Looking for some help.

    Thanks

    #1183730
    Dave Gillen – Former FS Concierge
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    H there,

    Welcome aboard the forums! Hopefully some of our tax gurus will lend you a hand. Though I wonder how you would claim a car as an expense for your ebay business?

    Best of luck and see you around. :)

    Dave

    #1183731
    vk308
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    FS Forum Support, post: 214529, member: 49676 wrote:
    H there,

    Welcome aboard the forums! Hopefully some of our tax gurus will lend you a hand. Though I wonder how you would claim a car as an expense for your ebay business?

    Best of luck and see you around. :)

    Dave
    HI Dave.

    Everyday we drive to the post office to post out orders buy stamps and pick up returns from our PO Box. On occasion we also drive to courier depot to pickup orders and also deliver goods to our local area. Going to the post office, going to the post office more than 260 times a year and returning does add up. My main reason for wanting to do this is the tax I pay is massive and Im looking for ways to reduce my tax payable and bettering my life with a new car instead of a 6K one with 250,000klms on it.

    #1183732
    Dave Gillen – Former FS Concierge
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    Cool, just trying to get a clearer picture so the accountants around here can give the right advice for your situation.

    You’re not driving a VK Commodore are you?

    Dave

    #1183733
    vk308
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    HI Dave.

    No Im not in a vk commodore just a massive fan of them. Sometimes I wish I was though.

    #1183734
    Blahish
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    So depending on at the km each yrs you would either use the log book method of cents per km.
    The log book method allows for depreciation, fuel use, repairs ect.
    While the cents per km is a flat rate until x amount of km, I think 3000.

    #1183735
    bb1
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    Blahish, post: 221780, member: 68466 wrote:
    So depending on at the km each yrs you would either use the log book method of cents per km.
    The log book method allows for depreciation, fuel use, repairs ect.
    While the cents per km is a flat rate until x amount of km, I think 3000.
    you can claim a maximum of 5,000 business kilometres per vehicle
    https://www.ato.gov.au/Business/Income-and-deductions-for-business/Business-travel-expenses/Motor-vehicle-expenses/Calculating-your-deduction/Cents-per-kilometre/
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