My company has 2016 car
Bought for $27,000 in May 2020
Instant asset write off that year.
Used 88% business 12% personal.
Car is now worth $35,000 via RedBook
Don’t want to use as daily work vehicle any more to keep kms low on it as believe it will keep appreciating
So would like to purchase new work vehicle
What is best option for the 2016 car?
1) Keep it in company name & no longer claim any expenses against.
Use only for private,
Will this result in FBT?
2) Sell to director of company as per example below from ATO website
Sell to director for $3,500
11% of market value equals $3,500 GST payable
No CGT as per ATO link below?
Is this allowed & is there any other fee involved with selling the car at a lower value?
3) Any other idea?
https://community.ato.gov.au/s/question/a0J9s0000001HN7/p00043079
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