Hi, I am a sole trader with two businesses and 1 full time job. Income 1 earns 140k and has paid around 30k+ in income tax, #2 has earned and will have 22k loss (with last years deferred loss) and #3 with a loss of 1k (although has earned under the 20k threshold)
I want to purchase a vehicle (under 1k payload) for the use of both businesses and potentially some private use. I worked it out to be 80% business (across both businesses) and 20% personal.
Q1. Would I have to keep a log book for everyday use seeings that 6 days out of 7 I will be using for business and 1 day personal? Or can I just record my personal usage being the smaller amount? And does this have to be purchased in the business name.
Q2. If I utilise the 20k instant asset write off, will this be deducted across my personal income tax as well seeings that im at a loss for the other incomes?
Thank you.
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