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| *The Commerce Journal>>>Other Taxes |
How do i write off my car for tax purposes? |
How do i write off my car for tax purposes? Use it for a business. Otherwise if you're just using it for driving back and forth to work (i.e. commuting), you can't. The only other way would be to donate it to a non-profit organization, but the value of the donation would be how much they sold the car for (which they are supposed to give you a letter indicating the amount). fill out the addendums (or whatever they are called) and write the mileage in that you have used. Or if you are donating the car, include that in donations. Donate the car to an organization that takes them and get written proof for your tax accountant. Own your own business and use the vehicle for business purposes only. Unless you use your car for income producing purposes, you can not claim motor vehicle expenses in your tax return. However, if you do use your car for income producing purposes, there are four ways you can claim your 1. cents per kilometre for under 5000 business kms 2. 12% of original cost, when you've travelled more then 5000 business kms 3. 1/3 expenses method when you've travelled more then 5000 business kms 4. log book method. Each method required different substantion or proof. For more information go to: http://www.ato.gov.au/individuals/conten... As another tip, when claiming depreciation (as in the 1/3 and log book method), this may trigger an capital gain even when you go to sell the car. Also if your car is salary sacrificed, you may not be able to claim another deduction for it. You should talk to a tax professional for further advice www.ato.gov.au Unless you are using it for business purposes, you don't. Provide some details and I'll explain what you might be able to deduct and how to claim it. |
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