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  1. Paul@PFI

    $20000 accelerated deduction

    Just remember next year if you trade the old car the whole of the proceeds for trade in ADDS to income (and subject to GST). The $20K "gift" comes with conditions.
  2. Paul@PFI

    $20000 accelerated deduction

    Depends what the logbook % is. New rules mean no logbook may mean zero deduction. Just remember that the write off is exactly that. Next year no deduction. Then what ?
  3. Paul@PFI

    $20000 accelerated deduction

    You need personal tax advice. Changes in the budget propose to eliminate some ways car expenses are calculated for deductions. You would need a logbook. Based on the logbook the cost inclusive of GST would be reduced by the % of GST you may be able to claim. Then that cost would be reduced...
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