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    Luxury Company Cars

    Im wondering how people get accountants to approve luxury cars as company cars
    My accountant doesnt want me to put the corvette through as company car, where as I do, as we dont have a lot of items to depreciate at present.
    By the same token, I dont want any grief from th ATO either - I enjoy flying under the radar.

    #2
    It's simple, your accountant doesn't want you to pay Fringe Benefits Tax.

    Sure you get a deduction for it (total depreciation is capped around $57k and this is spread over 4 years). But you will pay the ATO many more times that benefit back in FBT.

    In short don't put a passenger vehicle in a company.

    The ATO also get data from your states road authority and identify companies with non commercial vehicles. If your not paying FBT, it triggers an audit. So don't think you can "hide" it either.

    Best bet is to do a logbook and claim deduction in personal name.

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      #3
      Hence why SS, Maloo and XR utes were so popular as company cars....

      No problems for me to run my ute through the company and not worry about FBT.

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        #4
        Your own personal car, 100% used for business use = best possible write offs in depreciation, maintenance and running costs.

        EDIT

        If it's your company, pay yourself a car allowance instead.
        Jaguar XJR, Freelander 2 HSE, Jaguar XKR, MINI Cooper S
        Originally posted by nutttr
        People must assume you are some sort of drug dealer with all these nice cars turning up to a fibro home

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          #5
          Start a charity.. FBT not payable.
          RIP Simon - Ghost ride that whip in the clouds forever..

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            #6
            Originally posted by Jack Nicholson View Post
            Your own personal car, 100% used for business use = best possible write offs in depreciation, maintenance and running costs.

            EDIT

            If it's your company, pay yourself a car allowance instead.
            Yep, my company
            Ill look at your suggestion..

            Funny though, they let me out a 200 series 'cruiser through several years ago..

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              #7
              Cruisers sometimes have the payload capacity to be classed as commercial
              302 Ford Windsor Technical Forums

              Comment


                #8
                Originally posted by fury View Post
                Start a charity.. RELIGION FBT not payable.
                Fixed
                "Keep lowering your standards until you achieve a goal" - Mike Finnegan

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                  #9
                  Put some stickers on it and its a marketing/branding expense?
                  Not a marketing guy though/tax guy so no idea if its doable.
                  I survived the patio flooding catastrophe of 2012.

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                    #10
                    Originally posted by C0V3R View Post
                    Cruisers sometimes have the payload capacity to be classed as commercial
                    The rules about what is considered commercial (for FBT purposes) have changed a few times over the years, haven't they?
                    Soft roaders represent an excellent compromise between the needs of the hardcore 4x4 user and the convenience of a city hatchback. Its clear to see why they have become so popular in todays society.

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                      #11
                      Leave car overnight at office

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                        #12
                        Originally posted by IMOA View Post
                        Leave car overnight at office
                        A guy I used to work with kept an RS6 in our basement carpark for this reason.

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                          #13
                          Originally posted by Mr Purple View Post

                          A guy I used to work with kept an RS6 in our basement carpark for this reason.
                          when do you get to drive it in that scenario?

                          Oo___oO

                          Comment


                            #14
                            Des the definition of a luxury car simply mean it's eligible for LCT?

                            If so anything more than $58k is a luxury car, Kluger, HiLux, LC, heck almost everything now with a bit of fruit from the options list
                            "Keep lowering your standards until you achieve a goal" - Mike Finnegan

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                              #15
                              Originally posted by burn is weird View Post

                              when do you get to drive it in that scenario?
                              I genuinely never saw it moved. So I'm not sure.

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