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Re: Car initial insurance and registration

Devotee

Views 67

Replies 2

Hi Community 

 

In recording the purchase of a motor vehicle, are initial insurance and registration costs considered as capital expenditure?

If capital in nature are those amounts also subjected to tax depreciation?

Is it just the renewal charges on both registration and insurance considered as non-capital?.

 

Thank you

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Taxicorn

Replies 1

@Joachim 

 

Initial Registration and insurance are not capital and are claimed as MV expenses.

 

2 REPLIES 2

Most helpful response

Taxicorn

Replies 1

@Joachim 

 

Initial Registration and insurance are not capital and are claimed as MV expenses.

 

Devotee

Replies 0

@macfanboy Thank you