Announcement

Collapse
No announcement yet.

Luxury Company Cars

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    #16
    Originally posted by Mr Purple View Post

    I genuinely never saw it moved. So I'm not sure.
    Only used for side hustle work ram raids.
    "If you can make black marks on a straight from the time you turn out of a corner until the braking point of the next turn, then you have enough horsepower." - Mark Donahue Penske Porsche 917

    "In Japan we no give fark for Subaru" - Trust Japan Technical Director
    (TM - AVENGE)

    "You can never have enough power. I remember when we had Group B cars... THEN we had enough power!"
    Juha Kankkunen - Rally of Argentina '02

    Comment


      #17
      Originally posted by Mr Purple View Post

      A guy I used to work with kept an RS6 in our basement carpark for this reason.
      Yep, we had a few bentley continentals and the odd AMG in our basement carpark for that reason

      Originally posted by burn is weird View Post

      when do you get to drive it in that scenario?
      Any time you want, just needs to spend overnight at the office (or at least mini is the time at home/away on trip)

      Comment


        #18
        from an ATO audit perspective, whats the difference between saying it's left in the carpark vs it actually being at the carpark?

        what's the evidence you could produce?

        Oo___oO

        Comment


          #19
          Originally posted by burn is weird View Post
          from an ATO audit perspective, whats the difference between saying it's left in the carpark vs it actually being at the carpark?

          what's the evidence you could produce?
          Social media posts, credit card charges for petrol while at the snow, etc

          That's what they'll throw at you.
          Japanese Nostalgic Car - Dedicated to classic japanese cars

          Comment


            #20
            Pay cash for snow trips I'd say. Don't leave a digital trail. Tolls would be trickier.

            Comment


              #21
              Originally posted by Babalouie View Post

              Social media posts, credit card charges for petrol while at the snow, etc

              That's what they'll throw at you.
              maybe those 180l long ranger sub tanks aren't such a bad idea..

              Oo___oO

              Comment


                #22
                Originally posted by burn is weird View Post

                maybe those 180l long ranger sub tanks aren't such a bad idea..
                The other way they get ya, is if you claim a high % of work use for your own vehicles, and then when you're asked what you use for personal stuff and you say "The Ferrari is 100% work use, if I need to take the kids somewhere I'll use the work car" ...which is admitting the work car isn't 100% in the car park.

                It ain't their first rodeo, they're very good at having these conversations :-)
                Last edited by Babalouie; 19-07-21, 02:00 PM.
                Japanese Nostalgic Car - Dedicated to classic japanese cars

                Comment


                  #23
                  It's not a totally stupid idea to have the company own the vehicle in certain circumstances, but a good accountant should be able to guide you on the ins and outs.

                  Both my cars are company-owned vehicles. I own the business and I pay myself a salary from it and I'm all set up for FBT. The short version is that the business owns the cars, pays for rego, insurance, fuel, and all maintenance out of its pre-tax earnings. I pay the FBT. They're not what you'd call "commercial vehicles", obviously, but it's all calculated properly and is 100% above board, to the letter. Works out a damn sight cheaper for me this way than if I personally owned and ran the cars. They don't have to be utes, they don't have to have graphics plastered all over them, and they certainly don't need to be 100% business use.

                  If your accountant doesn't want you to do it, ask them why. And if they can't give you a valid reason, citing real tax maths n shit, it may be time to find another who is more suited to what you want?

                  Comment


                    #24
                    the "deemed depreciation" appears to be what gets you using the operating cost method. its 25% of the value of the vehicle x the FBT use percentage.

                    it appears this "value of vehicle" is a seperate thing from the depreciated value (which using the COVID writeoff this last year, could mean you have claimed the full cost of the car straight up.)

                    can anyone clarify?

                    if you are 70% work use, a 60k car would be $4500 FBT? (60k * 25% * (100%-70%)) is this the case?

                    then the following year would be $3375 (45k * 25% & 30%)
                    Last edited by burn is weird; 19-07-21, 02:54 PM.

                    Oo___oO

                    Comment


                      #25
                      My company wants to by a c8 corvette also

                      Surely it comes in under the 150k instant asset write off
                      This is my sig. There are many like it, but this one is mine. My sig is my best friend. It is my life. I must master it as I must master my life. My sig, without me, is useless. Without my sig, I am useless.

                      Comment


                        #26
                        Originally posted by Monza View Post
                        My company wants to by a c8 corvette also

                        Surely it comes in under the 150k instant asset write off
                        Yeah but you can only write off cars up to the luxury car limit of $67k
                        Japanese Nostalgic Car - Dedicated to classic japanese cars

                        Comment


                          #27
                          Be Lindsay Fox. Start a car museum and don’t let people enter.
                          Originally posted by Stix Z
                          i'm upset i lost that video of that aboriginal woman taking a dump on a train that was on youtube
                          Originally posted by Jim
                          Sorry, am late to this thread. I have been protesting against whitey oppressors all morning with my people. I shall serenade this thread with my didge until nash comes in and puts it all into perspective.

                          Comment


                            #28
                            Originally posted by Neeek View Post
                            It's not a totally stupid idea to have the company own the vehicle in certain circumstances, but a good accountant should be able to guide you on the ins and outs.

                            Both my cars are company-owned vehicles. I own the business and I pay myself a salary from it and I'm all set up for FBT. The short version is that the business owns the cars, pays for rego, insurance, fuel, and all maintenance out of its pre-tax earnings. I pay the FBT. They're not what you'd call "commercial vehicles", obviously, but it's all calculated properly and is 100% above board, to the letter. Works out a damn sight cheaper for me this way than if I personally owned and ran the cars. They don't have to be utes, they don't have to have graphics plastered all over them, and they certainly don't need to be 100% business use.

                            If your accountant doesn't want you to do it, ask them why. And if they can't give you a valid reason, citing real tax maths n shit, it may be time to find another who is more suited to what you want?
                            Yeah same.

                            When I started my company, I kept a logbook for 3 months when doing purely FIFO. Resulted in 100% business use and the logbook is good for 5 years I think. After that I transferred the car to the business and all expenses paid for by company credit card. Then bought a new 200 series Sahara through the business for the $67k write off as I needed to get my expenses up, transferred the logbook over.

                            My accountant was a bit suss when I told him it was 100% business use as per logbook but at the time that's what it was. It has changed now with a lot more work from home. I have started another logbook now to more accurately capture the business/personal use.

                            Comment


                              #29
                              I thought a Sahara was around $130k?

                              Comment


                                #30
                                I paid 118k DA before the prices went apeshit. The first 67 is a write off, the rest I wear.

                                Comment

                                Working...
                                X