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Douglas Bailey replied to the topic Is depreciating a vehicle mandatory? in the forum Money matters 1 year, 11 months ago
Thanks @jamesmillar. I don’t see your response here but I got an email notification with what you said.
Cheers. -
Douglas Bailey started the topic Is depreciating a vehicle mandatory? in the forum Money matters 1 year, 11 months ago
I’m a sole trader.
In April 2018 I purchased a business vehicle for $64k and depreciated it as follows: 15% in 18/19 and then 30% each year after. By the time I got to the 20/21 FY it was wholly written down to $0 via depreciation. And then I sold it for $50k. So in simple terms, I recorded a $50,000 profit from the car. (Note: I didn’t buy a new…[Read more]