I Have what I believe to be a complex series of questions to understand vehicle expenses.
How do I buy a second hand car as a tax write off?
Can I instantly write off 27k purchase costs
plus stamp duty rego insurance fuel maintenance etc
All multiplied by a percentage determined by a 12 week logbook (done for each car once every 5 years)
Ie 0.85 business use
Or do I have to do depreciations each year of the initial purchase price?
Say I'm just a sole trader with an abn
Is there something I'm missing?
ALSO,
If I use the vehicle to manage and service investment properties that are residential from what I understand gst on fuel/expenses can't be claimed in BASes.
While on commercial property it can.
However if I were say a property management company or a tradesman doing the exact same jobs on residential property, gst would be claimed...?
If so; claiming my abn as a property management company would entitle me to those gst refunds?
Thanks so much!
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