Hi
Want to know the Motor vehicle own by trust A and trust A hire it to trust B, and all the expenses on the Motor Vehicle is paid by trust B - Can trust B claim the expenses? what other issue would arise from this?
Thanks
Hello @stng771
A business can claim motor vehicle expenses, if the vehicle is owned, leased or under a hire-purchase agreement, therefore Trust B would be able to claim the expenses, if the vehicle is being leased from Trust A.
As a trust, you would need to use the 'actual costs method' to calculate your deduction. There are no issues with claiming motor vehicle expenses, provided you keep the right records.
You can find more information below:
Motor vehicle expenses
Actual costs method
TonyATO
Hello @stng771
A business can claim motor vehicle expenses, if the vehicle is owned, leased or under a hire-purchase agreement, therefore Trust B would be able to claim the expenses, if the vehicle is being leased from Trust A.
As a trust, you would need to use the 'actual costs method' to calculate your deduction. There are no issues with claiming motor vehicle expenses, provided you keep the right records.
You can find more information below:
Motor vehicle expenses
Actual costs method
TonyATO
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