Hi ATO communtiy,
I have done quite a bit reading here and on other sites but couldn't find all the answers .
Just a few questions regarding buying a vehicle, less than $30k, for 100% business use(Uber), most likely within May 2024, under my ABN.
Q1. Am I allowed to claim full GST credit this FY as long as it is purchased before 30/06/2024?
Q2. Am I allowed to do instant write off for the cost of the vehicle of $30k.(Or the value after deducting the GST portion)?
Q3. My main income is through employment as a PAYG let's say earns 80k in FY24 and the sole trader side income is 10k, which is less than the vehicle' cost. Does the deduction amount in Q2 apply on my total income of 90k which is my "assessable income"?
Q4. If the car can be written off in this year's tax return per Q2, is there any issue if in 2 years time this vehicle gets transferred to my spouse without a sale? Any tax impact?
Thank you for your help in advance.
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