HI
I understand that FBT is nil for EV cars. If I buy an EV for myself (working director) as part of the business for private use, what other deductions are there
GST up to the cap? Then pay GST on the sale down the road
Instant asset write-off up to the cap.
My accountant has advised me that I can do this
Many thanks
James
The company can claim GST if they're registered. As like any vehicle they can claim depreciation. When the private use of a vehicle is subject to FBT the business can claim the deduction in full. Since FBT is exempt we'd need to find out more from our tech team to see if this changes things.
We'll let you know what they say.
The company can claim GST if they're registered. As like any vehicle they can claim depreciation. When the private use of a vehicle is subject to FBT the business can claim the deduction in full. Since FBT is exempt we'd need to find out more from our tech team to see if this changes things.
We'll let you know what they say.
Thanks, I am currently a PSI, so for EV cars, maybe this TD 95/34 comes into play and there is no exemption for EV cars FBT.
There is a older post for a similar situations but not EV cars. I am seeking clarity on PSI with EV cars and deductions for both business and private use.
Cheers
22 Apr 2024 · 3 min read time
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