SUBJECT – LUXURY VEHICLES
Hi I'm Kath Appleby, Business Advisor with over 20 years experience at MWL Financial Group specialising in medical practices
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 firstname.lastname@example.org and either me, Kath Appleby or one of our experts will be more than happy to help.