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Buying Car in my Company Name

Discussion in 'Accounting & Tax' started by MTR, 29th Sep, 2015.

  1. MTR

    MTR Well-Known Member Premium Member

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    Thinking about buying a car but not sure whether I should buy in company/personal name??
    Not sure what the real benefits? I recall some years ago our accountant advised against this.

    Thanks
    MTR:)
     
  2. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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  3. Greyghost

    Greyghost Well-Known Member

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    After FBT add back etc the true benefit is minimal of owning via company.
     
  4. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    My accountant basically said is if it's 100% business use and it's under $20k, FBT free vehicle (ute etc) and you meet the small business requirements so can claim the $20k in one year - then go for it.
    Other wise it's a lot of paperwork for very little benefit and especially NO if we wanted to go over the luxury car tax amount
     
    Greyghost likes this.
  5. MTR

    MTR Well-Known Member Premium Member

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    Great, very helpful, I wanted the nuts and bolts of it. Pretty much give it a miss and buy in personal name, save myself the headache of paper work .

    Thanks All

    MTR:)
     
    Greyghost likes this.
  6. D.T.

    D.T. Adelaide Property Manager Business Member

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    GST benefit too right?
     
  7. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    GST, FBT, Deductibility issues, logbook, etc....what benefit is there ?