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Can/should A Gtr Be Purchased/leased In A Company Name?

Bozz

By Bozz,
in General Automotive Discussion

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Bozz Proficient

Bozz

Posted
Posted

Since 80% of my driving is work related, I'm looking at getting a car in the company name for tax purposes and because my current car is a piece of shit, so why not do it in style....

I looked at a new XR6t and decided, while it was nice, quiet, quick and looks great, I dont think i'll look back in a few years and think "I really enjoyed that car".

So I'm looking at a 34 GTR. I've never leased a car in a company name before and dont really know if you can lease an older car and get similar tax benefits of a newer car.

Also, how much are they likely to depreciate in the next 2/3 years? I'm seeing plenty of 33 GTRs for under 30k. Most 34's are above 50k. I'm wondering if they'll lose 20k or so in a few years, and if a 33 might be a better choice

I want an unmolested one so that makes it harder to find.

Any info on insuring a sports car in a company name?

Anyone have any further info?

Cheers

SHANE666 Mentor

SHANE666

Posted
Posted

depending on which method is used to depreciate your car, you should be able to claim all depreciation on it.

at work i use the set rate/business km method over the log book method because its more beneficial to the client.

just depends how many km's you do per financial year...

i doubt you'll lose as much as 20k.....i recently depreciated a 120kish Audi S4.....and rate/business km method calculated about 1000 bucks including all expenses.

dont take my word for it, im only a trainee accountant at the moment...

it shouldnt make a difference if its a sports car, luxury car, bomb, etc...

best to talk with your accountant.

can someone confirm 5000km is the maximum distance that can be claimed with the 12cents/km method? i need my Master tax guide!!

Bozz Proficient

Bozz

Posted
  • Author
Posted
depending on which method is used to depreciate your car, you should be able to claim all depreciation on it.

at work i use the set rate/business km method over the log book method because its more beneficial to the client.

just depends how many km's you do per financial year...

i doubt you'll lose as much as 20k.....i recently depreciated a 120kish Audi S4.....and rate/business km method calculated about 1000 bucks including all expenses.

dont take my word for it, im only a trainee accountant at the moment...

it shouldnt make a difference if its a sports car, luxury car, bomb, etc...

best to talk with your accountant.

can someone confirm 5000km is the maximum distance that can be claimed with the 12cents/km method? i need my Master tax guide!!

Yeah, that's what I'm doing now, the 5000km maximum claim however I'm claiming something like 62c/Km or thereabouts - 4 litre foul can. I travel about double those KM for work purposes, a few years ago work was about 25,000km annually

The $20k uneducated guesstimate was hoping they dont depreciate as much as a new car. Frankly I'd be relieved if it depreciated less than 20k over three years.

I have no idea whats involved in buying, leasing, claiming and whatnot for a car under a business name. I have an ABN/ACN so if the car is purchased by the company, I guess you dont pay GST or tax on (excluding private use), service, repairs, tyres, insurance etc etc. I expect a few other penalties, as long as I'm kept in the lower tax bracket for my company paying my salary, I reckon I've acheived the goal of a good car for considerably cheaper than the norm.

I'll call the accountant tomorrow and see what he knows. My real concern was the age of the car, I read somewhere they can't be over 8 years old which will eliminate a bunch of cars as possibilities.

Also, what's a novated lease? I keep hearing about them but dont know what they are or if they're suitable?

Cheers

SHANE666 Mentor

SHANE666

Posted
Posted

a novated lease is a lease that is between yourself, your employer and the lender. It's sort of salary packaging the car...

id suggest a chattel mortgage where you can claim full input tax credits from GST incurred expenses.

hope you can clarify it all with your accountant.

Cheers.

trel Mentor

trel

Posted
Posted

I tried doing this through my employer, but the conditions set from our fleet company (Custom Fleet) was that the car cannot be any older than 2 years old and must have less than 50k on the odometer. It also needs to be purchased through an LMCT, in otherwords a dealership.

Something to think about if your work novates leases through a fleet company...

Cheers,

Evan

SHANE666 Mentor

SHANE666

Posted
Posted

ahh hopefully.

hahaha that reminds me...

one night at uni i was baggin out how sh*t the ATO and its auditors are...

the guy i was bitching to - his father worked at the nsw audit office....and i had just said all these things we do at work for clients to get away with....

n i was like

O M F G .. *changes seat* "my name's...freddy by the way....freddy....jackson...."

GTR-N1 Grand Master

GTR-N1

Posted
Posted

Hi!

As you can see on the left hand side, and working for myself, I use one car as a daily driver and the GTR gets some usage from time to time.

I can only nominate ONE car as my business car - which is the GTR.

Fuel costs and deductability depends on Kms travelled - but I make up for it by

i) improvements on the GTR

ii) putting on peel-off advertising stickers and photographing the car

iii) using the car as a show car (and via video) prove to the ATO that it's used for business

iv) getting all services done as per schedule

v) keeping receipts for insurance for that car in case of ATO audits

vi) NRMA Road Service receipt for that car which is an annual fee

vii) once you've improved your car enough, you can switch to a different car and then tell the accountant what you sold it for (for depreciation at sale) and then nominate the new R35 GTR as your business car haha

Depreciation when I sold my R33 GTR was exactly $4500 after 2.1 years of ownership - not bad at all. A new XR6t would depreciate more like $17K

Depreciation of a GTR is very very good - especially since it's a grey import . But then SAU has to be given some credit too for this.

I remember that 3 years ago, the car that was announced to have the best/least depreciation was the 350Z. And credit for this is due to...

a) supply & demand

b) Nissan for making a great & desirable car

Q. Therefore, will the R34 GTR still be desirable in 4 years time and hold its value?

A. If fuel stays less than $2.30/litre for V-Power or equiv. I'd say so

Cheers

.:: GimpS-R34 ::. Grand Master

.:: GimpS-R34 ::.

Posted
Posted

lol unleaded is sposed to be set to hit $2/litre by the end of this yr.. i highly doubt that any premium will be $2.30 in 4 yrs time.. and how did you work out that figure? did you count inflation into that?

look if you can get the GTR and that is the car you want, then get it.. if your not that bothered get a cheaper one.. but i'd say an r34 shouldnt drop too much in value running on the fact that it is the last of the skyline "straight 6" motors and some wont want the v6 r35.. therefore should hold more value then say the xr6t as ford always bring out the next model.. like holden and soforth.. it all falls down to demand and desire.. cars, just like everything else, are worth only what someone is willing to pay for it..

GTR-N1 Grand Master

GTR-N1

Posted
Posted
lol unleaded is sposed to be set to hit $2/litre by the end of this yr.. i highly doubt that any premium will be $2.30 in 4 yrs time.. and how did you work out that figure? did you count inflation into that?

look if you can get the GTR and that is the car you want, then get it.. if your not that bothered get a cheaper one.. but i'd say an r34 shouldnt drop too much in value running on the fact that it is the last of the skyline "straight 6" motors and some wont want the v6 r35.. therefore should hold more value then say the xr6t as ford always bring out the next model.. like holden and soforth.. it all falls down to demand and desire.. cars, just like everything else, are worth only what someone is willing to pay for it..

If you look at the original thread, the discussion is over depreciation & NOT fuel price. If you look at my post again, the theme is about depreciation & NOT fuel price.

Fuel price was only used as a catalyst.

Look back at history and understand what happened to the depreciation of Kingswoods when the lightweight VB came out. Through the floor; that's what!

When petrol embargos came in, in the early 80s, everyone was scared stiff about AFFORDABILITY ! So if at the end of a standard lease period of 4 years (of a 8 year old GTR), that AFFORDABILITY is at crisis point, then what happens to depreciation???

You figure it out...

Cheers

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