The company I work for have offered a company vehicle to me for both work and personal use (Tool of trade). They have asked me to pay $145 a fortnight after tax contribution. Will this have any tax implications for me? and can I claim a deduction for the percentage I pay that is work related?
They have asked me to pay $145 a fortnight after tax contribution. Will this have any tax implications for me?
No, that is to cancel out the employer's FBT liability.
and can I claim a deduction for the percentage I pay that is work related?
No deductions for any charges relating to a car fringe benefit.
http://classic.austlii.edu.au/au/legis/cth/consol_act/itaa1936240/s51af.html
They have asked me to pay $145 a fortnight after tax contribution. Will this have any tax implications for me?
No, that is to cancel out the employer's FBT liability.
and can I claim a deduction for the percentage I pay that is work related?
No deductions for any charges relating to a car fringe benefit.
http://classic.austlii.edu.au/au/legis/cth/consol_act/itaa1936240/s51af.html
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