If you purchase a car and run your business through a company, you may make substantial savings by purchasing the car in the company.
Any private use of company assets may incurr a Fringe Benefit Tax. However, once you take out the GST credits you would receive on the expenses related to the car, as well as the tax deductions on those expenses and the car itself, it may be more benificial to have the car in the company.
We are able to perform a detailed calculation for you and your company to see whether purchasing the motor vehicle in your company or personally is benificial and how much you could save.
We are more than happy to discuss your situation - Call us on 1300 135 918 for more information. http://www.AllegianceAccounting.com.au
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