Car expenses - depreciation

[#1]

Hi

I am a sole director and employee of the company. I have been using my own car for business purposes and reimburse my car operating expenses like fuel, petrol, registration, insurance for business % (around 50%) from my company. (Based on the log book % that I have recorded)

I am planning to buy new car under my personal name and still using them for both business and private purposes. Can I claim depreciation of the car in my personal tax return based on log book method business use % and continue reimburse all the operating cost such as fuel, insurance, registration and etc from my company?

Thanks

[#2 · Accepted solution]

You would be able to claim a personal deduction for the business related portion of any depreciation.  The amount you can claim may be limited if the cost of the car is higher than the depreciation cost limit.