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Most helpful response

Most helpful reply

frankg(Champion)Registered Tax Professional
27 Apr 2024

Hi

  1. get market value of the car
  2. pay the business for that amount including gst - if applicable
  3. the business will pay income tax on the profit on sale

Is that what you were asking?


All replies

Most helpful reply

frankg(Champion)Registered Tax Professional
27 Apr 2024

Hi

  1. get market value of the car
  2. pay the business for that amount including gst - if applicable
  3. the business will pay income tax on the profit on sale

Is that what you were asking?


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I'm buying a car from a businesses and need to transfer ownership but what steps needed to be follow | ATO Community