Home Forums Money matters Seeking Tax Advice

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  • #999841
    Neverever
    Member
    • Total posts: 1

    Summary
    I have an online eCommerce business where I have started using my personal car for picking up goods from suppliers for sale.
    For tax benefit purpose, I need tax advice on whether I should keep using my personal car and claim the business expense or is it better transferring the car under the business’ name.

    Business Structure
    My wife and I live in an apartment (renting) and we operate the business from our home.
    Our eCommerce business is based in Sydney and both of us are the directors of the company and no other employees. We are not getting paid in salary but the profits do get distributed to us at the end of FY.

    Car Usage
    I have started using my personal car for picking up goods from suppliers for sale and also dropping off the parcels for sending. I still drive the car for private use.

    Questions
    For tax benefit purpose, should I keep using my personal car and claim the business expense or is it better transferring the car to my business (given it’ll still be business and private use)

    I’m seeking professional advice here and I expect to pay some fees.
    Please contact me in private message if you are the right person to talk to, and we can continue the conversation in email or phone conversation.

    #1221570
    Paul – FS Concierge
    Moderator
    • Total posts: 3,115

    Hi And Welcome to Flying Solo [USER=116278]@Neverever[/USER] . It is great to have you!

    Thank you for joining our community and posting.

    It is definitely a good idea to seek an Accountant’s advice.

    Cheers

    #1221571
    Jason at KAA
    Member
    • Total posts: 6

    Hi Neverever,

    In the first instance, it is possible for you to achieve the best tax outcomes without the need to incur stamp duty on the transfer of the car to the company.

    With more information, we can further scope, provide advice and implement to further achieve better tax outcomes for your family and your business.

    Looking forward to you in reaching out further discuss your needs and goals.

    Many thanks
    Jason

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