Hi guys, do you think it's a no brainer to buy a ute for my business, I just sold my car for 25K and planning to buy ute for asset write off this financial year,
Here is my computation.
$75K UTE / $25K SOLD CAR
$22k ASSET WRITE OFF
$6.8K GST
TOTAL SAVINGS IS $53.8K
Is it no brainer to buy the ute?
Thanks guys.
yes, what should i do on that money?
sleep
.
Do you need a ute? Better off in your pocket tax and all if you don't need a ute.
i need to pay around 30k tax if i don't buy a ute
Why not just spend 10k on a top of the line trailer and claim that on tax?
You need to pay $75k to get the ute that you apparently don't need.
How about I sell you a rock for $75k? That way you don't have to pay $30k in tax, I'll be generous enough to pay all that tax for you. You also have a rock, which can be used for many, many things.
Do you think its no brainer
Yeah sounds like a no brainer to me
Don't you have a accountant?
none
Do I know what rhetorical means?
Thats mean no brain.
looks correct
-verified by non-accountant
Best advice one can give. Buy on the basis you can’t claim it. Then make your decision.
thank you, i think a had no choice i need to buy car for my business
That's fine - but spend on the basis you can't claim it. The rest is just gravy.
Can you get the ute by 30th June?
Plenty of Ford Rangers about. Maybe not the V6 version, but there are plenty around in the Bi Turbo. I am sure others are available too.
Can easily spend $75k on a spec'd up ute.
Have they fixed the gearbox issues?
gearbox issues as bloke in my club found out.. $6000 for a new box 1500 to fit it - his was a 2017 model auto
google shows drive plate failures and more.
Not sure, I have got a 2021 PX3 Model. Haven't heard of Gearbox issues.
i want to hahaha, my dream ute
Comes down do you need a car? Yes you get around 25-30% back on tax.
If your income was 100K then 25K on tax OR purchase a 75K ute and pay ~6K in tax only…So your ute ends up costing you $56K.
And no you cant sell your Ute afterwards and pocket the money, it goes back in as income
yes i need it as i sold my sedan car for 25k,
also my earning at the moment is 130k already,
Why a ute? I think vans are far more practical for the vast majority of trade jobs. Cheaper to buy, better to drive, more fuel efficient, security for tools, more space etc etc.
Can't take a Van off roading but I'd like to see someone try.
Plus doesn't look as manly to road rage someone in a van.
I've never seen a van reversing twin trailered 300hp Kawasaki jetskis at my local boat ramp.
So I'm guessing it's not an option.
VW Transporter 4Motion Tdi 450.
With a tune 530nm.
A commercial vehicle that's worth 50K sold for 75K, isn't a deal.
so which car is a ideal for me?
Are you buying it for a company business or a sole trader business as there can be issues if your on wages etc.
If you're on wages and have the car for personal use there can be fringe benefit taxes that could crop up.
yes a sole trader, i got a cleaning services
its no brainer, instead of buying a car better buy ute so can save some tax.
Your sold car is a saving?
Post it as a deal..