MWL FINANCIAL GROUP
SECTION – TRADIES
SUBJECT – LUXURY VEHICLES
Hi I'm Barbara Keating, Accountant and small business specialist at MWL Financial Group.
You probably know that if you purchase luxury vehicles valued over $57,000, you will have paid the Luxury Car Tax at the time of purchase. However, did you know that there’s a limit on the GST and Depreciation amounts that you can claim on luxury car within the business?
When you purchase luxury vehicles for your business, it is important to remember that there are special rules for the GST and Depreciation deductions. The ATO currently only allows $57,581 as the maximum depreciable claim and you are only allowed to claim GST credit of one-eleventh of that limit, assuming the vehicle is 100% business use.
For more information contact us at email@example.com and either me, Barbara Keating or one of our experts will be more than happy to help.