Hi i have a client who providing taxi services to VIP clients, he bought a Mercedes BENS cost is $154,669, so is still car limit will apply to claim GSt and Car Depreciation which is $64,741 for the FY 2023?
Please advise me.
Thank You
Hey @Ayusharora,
Yes, that's correct the car limit will apply. When claiming GST for a car above the limit the maximum GST credit you can claim is 1/11th of the car limit for that financial year. e.g., 1/11th of $64,741. If the motor vehicle is uses partly for business and partly for personal use, then you'll only be able to claim the percent its used for business.
You can read more about purchasing motor vehicle on our website.
Hey @Ayusharora,
Yes, that's correct the car limit will apply. When claiming GST for a car above the limit the maximum GST credit you can claim is 1/11th of the car limit for that financial year. e.g., 1/11th of $64,741. If the motor vehicle is uses partly for business and partly for personal use, then you'll only be able to claim the percent its used for business.
You can read more about purchasing motor vehicle on our website.
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