How to Purchase a Car Through Your Business in Australia
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- เผยแพร่เมื่อ 22 ก.ค. 2024
- If you’re looking to purchase a car for your business in Australia, it is important that you not only understand the tax implications of it, but also understand the best ways to do it. In this video, I will be going through how you can purchase a car for your business in Australia.
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⌚️Timestamps
0:00 Purchasing a Car For Your Business
0:22 The Basics
1:18 Business Structure
4:11 How to Claim on Tax
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Ethan 'Rooshock' (Rucioch) is an Australian business owner in his late 20's. He is the owner and director of Rooshock Accounting, an accounting firm. He is also the creator of an NFT project, Rooshocks. In his spare time, he enjoys travelling, spending time with his family and watching countless hours of sport. On this channel you will find a range of different content, including personal finance, business advice, tax tips, crypto tax tips, NFT discussions and even Ethan analysing some popular TV show businesses from an accountant’s perspective.
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Disclaimer
Every effort has been made to ensure that the information in this video is accurate. The information in this video and on this TH-cam channel is for entertainment and general information purposes only. It should not be taken as constituting professional advice. You should not rely on it as financial, legal or tax advice. There are always risks in any financial decision and all decisions should be made on an individual basis. You should conduct your own research and seek independent professional advice where needed. Some of the links in this video or video description may be affiliate links. Ethan Rucioch, Rooshock Enterprises Pty Ltd, Rooshocks NFT Pty Ltd or any other related party may receive a commission through these.
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#car #taxonvehicles #taxoncars
What other topics do you want me to cover when it comes to business taxes?
Is there an equivalent to an LLC of the US in Australia? If yes how does it work?
@@noonaleon We have companies in Australia.
Super helpful videos mate, thank you!
No worries!
You have a great informative channel, I hope you keep making videos :)
Thank you! Will do!
you’ll reach 10k and more you deserve it.
Thnx mate
Thank you!
Could you do a vid on how content creators and artists navigate taxes in Australia?
Thanks for the suggestion! I'll add it to my list of ideas.
congrats on your 10k goal
Thanks!!
You hit 10k well done
Thanks! Got there last week
Can you do one on novated leases? It's really hard to tell at what salaries it makes sense and when it doesn't
Thanks for the suggestion. It is a bit of a tricky area as it can be very situation dependent.
Not bad 6000+ subs in nine months 🎉
Yeah things have grown nicely since this video!
It’s really helpful
But can you explain a bit in detail for the solo trader
What would you like to know?
V informative 😊
Thanks! Glad you found it helpful!
Hey can you do a video on claiming Sports bet on tax, thanks
Haha well if you're just a casual gambler there is nothing you can claim. The only people who include gambling earnings/losses are professional gamblers.
Does the info on having my ABN on the receipt apply if I buy a used car from a private seller?
Do you mean if you make a purchase of a car, should they list your ABN?
@@EthanRooshock yes because the receipt will just be made by the seller and not a dealer.
Shouldn't cause you any issues. Just make sure it states your name as the purchaser.@@stevewelsh__
@@EthanRooshock excellent cheers!
Could you please do an updated video for this please mate 🤙
What do you want me to cover?
Do you then need to add the depreciation back in when you sell or tradein a few years down the track.
Yeah if you've claimed an asset, the sale of that asset will normally be taxable.
If its a partnership how would it work in that case, as there's 2 names?
Best to seek individual advice on this based on your state and the partnership agreement.
do you need to make a business DOT account and register it under the dot?
DOT?
What a solid Aussie tax channel. Most stuff on YT is so dry and awful but this is great.
Quick one; where do motorbikes fall into it? I see they don't classify as you touched on but I actually got a motorbike for some jobs that have bad roads or short trips that I don't want to take the car on. Does it just fall into instant asset (bought in 22-23FY) and log book to determine % like a car?
Cheers!
You need to use an actual costs calculation. I would be doing a logbook to calculate the % of use that is for business/work.
legend! Thanks mate@@EthanRooshock
@@Flamamacue No worries!
Question, I'm a sole trader (side hustle hobby business)- do I have to be a brand new car or can it be second hand one in order to claim depreciation etc?
Can be second hand as well
@EthanRooshock great, So I can buy a used car privately, keep my proof of purchase and work my depreciation off that initial price I pay or whatever market value is at the time of purchase?
@@wokitlikeyoutalkit5619 As long as you have the right records to prove the purchase. Depreciation will depend on the amount of the purchase. Definitely should get personal advice from your tax agent first.
How to get dealer license ?what is the application?
A what?
Am I eligible to Claim a car as a sole trader through my small business that I just started ?
That’s too broad of a question for me to answer sorry. There’s a number of factors that you need to consider. You’d need to speak to the ATO or your accountant.