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Lhd Drive Imports – 30year Rule (qld)

Nismo_Boy

By Nismo_Boy,
in Queensland

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Keegs Grand Master

Keegs

Posted
Posted
and claim the costs on tax aswell? :sorcerer:

Yeah, sif not use tax to your advantage and exploit it as much as possible.

As Kerry Packer said towards the government during an inquiry "I can tell you you’re not spending it that well that we should be donating extra!" lol.

Nismo_Boy Grand Master

Nismo_Boy

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Posted
Screw da respect, GIMMIE DA BITCHES!

True that!

Yeah, sif not use tax to your advantage and exploit it as much as possible.

As Kerry Packer said towards the government during an inquiry "I can tell you you’re not spending it that well that we should be donating extra!" lol.

Wise man

shanef Grand Master

shanef

Posted
Posted
Yeah, sif not use tax to your advantage and exploit it as much as possible.

As Kerry Packer said towards the government during an inquiry "I can tell you you’re not spending it that well that we should be donating extra!" lol.

only thing is, u gotta know what u can and cant claim on, and how u go about claiming it

like just recently, i was thinking about importing some 'performance parts', registering a business name, ABN and then claiming on that. would that be feasable?

Nismo_Boy Grand Master

Nismo_Boy

Posted
  • Author
Posted (edited)
only thing is, u gotta know what u can and cant claim on, and how u go about claiming it

like just recently, i was thinking about importing some 'performance parts', registering a business name, ABN and then claiming on that. would that be feasable?

That's what an accountant is for. I just summarize my shit and do my log books then give it to him and they do the rest.

In terms of what I get back on the car side of things, it can be around 92%...

I'm not sure Re: ABN, someone will know. I would assume you would need to prove you some how need your car for work related things, which I'm not sure how you would.. Plus you would need to be working on a work contract base, using your own ABN. With the business name thing EG: Your setting up what would be a "business" I guess.. Be more effort for what its worth, plus you would have to show figures.

I'm no accountant, I only know about my own case, so unless you get into property I'll be no help to you.

Edited by Nismo_Boy
Keegs Grand Master

Keegs

Posted
Posted
only thing is, u gotta know what u can and cant claim on, and how u go about claiming it

like just recently, i was thinking about importing some 'performance parts', registering a business name, ABN and then claiming on that. would that be feasable?

To cut it very short with the information you've provided, no. Because you'd be claiming them as business expenses, offsetting them against the business's profit, and seen as your business would actually make no profit, you would not have anything to offset against.

You will also unlikely be able to offset the expenses against your own income unless they qualify, which they won't unless you work in a specific field.

The key with tax is to claim things you wouldn't even think of to get the maximum refund, to then spend on whatever you want. Things like pens, diaries, phone expenses, fuel, insurance, etc, etc...the list goes on. It would take to much time and effort to go through it, go see an accountant and make sure you claim everything you can without having to prove it (unless you can actually prove it). You'll be suprised at all the things you can claim without proof.

Woot for specialising in Tax law...maximum benifits for me...

Keegs Grand Master

Keegs

Posted
Posted

Unfortunately not taxable for everyone, depends on circumstances, primarily your job. Believe it or not, the ATO website is a good starting point for what you can/can't claim.

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