Search results

Just adding this link to another thread for my own future reference (when I eventually decide what car to get/how to get it): http://www.somersoft.com/forums/showthread.php?t=58228

Just posting a link to another thread for my future reference: http://www.somersoft.com/forums/showthread.php?t=56904

Yes, I agree, that is the most sensible thing to do.

Update... My enthusiasm for cars is waning as the ones I really like are well above the ''tax effective'' price point of 55-65k (around the luxury car tax threshold)! I'm thinking of waiting till one of these more expensive new cars becomes ''used'' and loses 20% of its value and may buy...

Thanks for your post Penny. I'm not in IT consulting, but I am aware of the PSI rules. I get my income from multiple sources and have clarified this with my accountant in the past. I will double check though.

Probably not!

I thought that was the strength :D! This 'concept' is about bringing gratification forwards by 5 years at little after-tax cost (for those 5 years). I know the car is not a good investment and regardless of what car you have it will go down in value... unless it's some collectors item...

That's most sensible, I may actually end up doing this after all, and buy a second hand car too!

Fair question, but there's nothing ":eek:" about it, it's just the nature of my work.

http://www.westpac.com.au/internet/publish.nsf/content/PBCCCSCR+Holden+MasterCard Can use it for a new SAAB or Hummer too.

I have mostly PAYG income now, but I also have some ABN income from contracting work. In Feb next year all of my income will be on ABN from contracting. Will that pass??

Yeah, I hate that question, I never seem to answer it!

Yes, you are basically right. The real plan here was for me and my sibling to return the cars our father bought for us whilst at uni. so that he can trade them in (for a modest price) to help fund the purchase of his dream car. And, because we now can (as we have ABN's), get a new car each...

Done, no demos for me! The car I am after will need to be ordered new anyway as they don't have any demos available.

Yes, I think this is right, so I will stick to a brand new car. But I found this link which suggested otherwise: http://hartleypartners.com.au/tax-news-australia.php "What about demo assets or if I improve or add to an existing asset? An asset will be classed as new where the previous...

Not trying to sell at a profit, if I do sell, it's more like getting a car eg. for 60k, for 30k, but paying nothing for it for the first 5 years, and then at the end of the 5 years paying 30k then... and if you chose to sell, being left with no car after! No, that's the point, it shouldn't...

Nope, nothing hush hush about it, I thought I explained it in my first post. It's not going to be whoppingly CF+ve, just above break even/neutral. But the main way this is possible is simple... the 50% investment allowance + usual depreciation deductions. A bit like -ve geared new...

I'm not so sure about this. A CHP is a P+I loan. If the loan interest is tax deductible (due to business use) and you have other non-deductible loans it makes more sense to pay principal repayments on these loans rather than the deductible CHP loan. Surplus resi. equity to finance a car purchase...

I know they must be brand new, but can't it also be a demo, ie. not been sold to anyone, and still sitting in dealership? I know second hand is not possible.

Hi there, Following on from this thread: http://www.somersoft.com/forums/showthread.php?t=51916 My car game plan now is to get a variable interest only loan secured againt surplus RIP equity to purchase a car for business use (90% business use, 10% private use). As I have an ABN, I am...