Hi
Im wondering if I bought a Ute as an employee and am currently paying a loan for it off. If I start a business as a sole trader and use the vehicle for work purposes would I be able to claim the interest on it and as a depreciating asset or is it too late?
thanks
Yes, you would be able to claim. It's depreciated value would be the opening value to start the depreciation schedule once it is being used for business purposes. If the ute has a payload under one tonne you will need to establish a 13 week logbook. ATO regards it as a "car". One tonne or over payload and it is a "commercial vehicle". Logbook is not necessary but if it is to be used privately as well then a logbook is useful to apportion any private use for claiming it as a deduction. Different rules for keeping running expense records (notably fuel) so check that out.
This link is useful. https://www.ato.gov.au/Business/Income-and-deductions-for-business/Deductions/Deductions-for-motor-vehicle-expenses/
Yes, you would be able to claim. It's depreciated value would be the opening value to start the depreciation schedule once it is being used for business purposes. If the ute has a payload under one tonne you will need to establish a 13 week logbook. ATO regards it as a "car". One tonne or over payload and it is a "commercial vehicle". Logbook is not necessary but if it is to be used privately as well then a logbook is useful to apportion any private use for claiming it as a deduction. Different rules for keeping running expense records (notably fuel) so check that out.
This link is useful. https://www.ato.gov.au/Business/Income-and-deductions-for-business/Deductions/Deductions-for-motor-vehicle-expenses/
7 Apr 2026 · 2 min read time
22 Apr 2024 · 3 min read time
15 Apr 2026 · 4 min read time
338 views
1 replies