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SharkShane(Initiate)Initiate
5 Apr 2024

I am the owner of my company. My company car has been 100% written off financially for tax purposes. Can I sell the company car to myself for below market value? The market value of the car is $25,000.


  1. Could I sell this car to myself for say $500?
  2. Would I assume that the company needs to pay $2500 in gst as market value is $25,000
  3. Does any money actually need to exchange between myself and the company? Or is just a accounting issue that needs to be done on BAS / Tax return?
  4. What are the tax implications of this for both personal and company?






4,265 views
1 replies
4,265 views
1 replies

Most helpful response

Most helpful reply

Deb_ATO(Community Support)Community Support
10 Apr 2024

Hi @SharkShane


Yes, you can.

  1. Yep.
  2. Spot on, If the company is registered for GST you'll need to charge GST on the disposal of the vehicle.
  3. Yes, it'll need to be line with all the correct processes.
  4. If a business disposes of an asset, they'd need to do a balancing adjustment. If the termination value is more than the current depreciated value, the excess is included in their taxable income. If the termination value is less than the depreciated value, you claim a deduction for the remainder.

All replies

Most helpful reply

Deb_ATO(Community Support)Community Support
10 Apr 2024

Hi @SharkShane


Yes, you can.

  1. Yep.
  2. Spot on, If the company is registered for GST you'll need to charge GST on the disposal of the vehicle.
  3. Yes, it'll need to be line with all the correct processes.
  4. If a business disposes of an asset, they'd need to do a balancing adjustment. If the termination value is more than the current depreciated value, the excess is included in their taxable income. If the termination value is less than the depreciated value, you claim a deduction for the remainder.

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I am the owner of a company. Can i sell my company car to myself, for less than the market value? | ATO Community