Business Owner, Tax, Buying a Car, etc Advice Please

[Deactivated] on 08/01/2022 - 13:00

Hello guys,

I recently went into a take away business and was wondering what is good for writing off tax etc?

I was told by a friend to purchase a car because its good for claiming back GST or tax.

Either way, I have never owned a business so I would like to know what is beneficial.

From cars to everything like computers phones. Or even an investmen property, negative gearing or wateva I can.

Will speak with my accountant when he gets back from holidays, however I am very interested in what you guys can tell me.

Thanks in advance

Financial

closed Comments

  • AndyC1 on 08/01/2022 - 13:12

    Claim what your accountant tells you to claim otherwise you may be breaking the tax laws. Even then if it sounds dodgy it may be.

  • MS Paint on 08/01/2022 - 13:18
    +5

    You didn't research this stuff before purchasing a business? Weird

  • SBOB on 08/01/2022 - 13:20
    +1

    I was told by a friend to purchase a car because its good for claiming back GST or tax.

    Wild guess, but going to assume your friend isn't an accountant?

    • MS Paint on 08/01/2022 - 13:23
      +1

      I'm guessing said friend is a self employed tradie and naively uses everything in life as a deduction or GST credit.

  • foxmulder on 08/01/2022 - 13:40

    First year in business you may need to worry about generating cash flows (sales). If you do have a good sales then you worry about other things to spend.

  • bobbified on 08/01/2022 - 14:17
    +1

    DisabledUser240249

    This OP disappeared real quick! lol

  • Hithere on 08/01/2022 - 14:21

    Another business that'll go to the wall very quickly.

  • AndyC1 on 08/01/2022 - 14:23
    +1

    Gone… Probably like his 6 month old business.

  • JimmyF on 08/01/2022 - 14:31
    +1

    Will speak with my accountant when he gets back from holidays

    /thread

  • bemybubble on 08/01/2022 - 14:52

    Are you incorporated or a sole trader?

  • holdenmg on 08/01/2022 - 14:55

    Thought for the day:

    Banners:

    "Under New Management" on one side and
    "Going out of Business" on the reverse.

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