Hi Everyone .
Im about to buy a new car for our sole trader business and im not fully up to speed with the whole accelerated depreciation. My dilemma is I would like to buy a new car which is $22,500 Drive away no accessories. Iam registered for gst but dont currently bother about keeping a log book. Will I be able to depreciate this in this tax year if I buy before June 30 as I would like to make my tax more deductible and how would they estimate business to personal usage. My estimate would be 80% business 20% personal. My main question is though is $22,500 to much and if not how much more could I possibly spend and not loose out on the accelerated depreciation as I would like some accesoories thrown in if I have room to spend a bit more without loosing out on the accelerated depreciation benefit.
Also what is the best way to finance just go through a caryard finance, persnal bank loan, the dealer was banging on about a chattel mortgage or something and some other option what would be the best method for further making my income deductible.
Thanks for all the help
Im about to buy a new car for our sole trader business and im not fully up to speed with the whole accelerated depreciation. My dilemma is I would like to buy a new car which is $22,500 Drive away no accessories. Iam registered for gst but dont currently bother about keeping a log book. Will I be able to depreciate this in this tax year if I buy before June 30 as I would like to make my tax more deductible and how would they estimate business to personal usage. My estimate would be 80% business 20% personal. My main question is though is $22,500 to much and if not how much more could I possibly spend and not loose out on the accelerated depreciation as I would like some accesoories thrown in if I have room to spend a bit more without loosing out on the accelerated depreciation benefit.
Also what is the best way to finance just go through a caryard finance, persnal bank loan, the dealer was banging on about a chattel mortgage or something and some other option what would be the best method for further making my income deductible.
Thanks for all the help