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fly4freedom 发表于 2013-5-11 13:25 
Thanks mate, my car is around $20,000, is it still can use diminish method?
Then whether 12 week l ...
Thanks mate, my car is around $20,000, is it still can use diminish method?
Then whether 12 week log book is still necessary for this method?
so all the expense on the car, including stamp duty, rego fee, insurance fee and service fee can be 80% deducted?
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The car limit remains at $57,466 for the year 2013 which applied at the year of 2012, which will not affect your calculation of car depreciation. It is up to you to choose whichever depreciation methods you would like to use, but we always tend to use the diminishing method as it gives you a better end of year tax position.
To claim your car expenses used for business purpose, because you are a sole trader(as you mentioned), all your business income/expenses goes to the "Business income and expenses" - P8 section of your individual tax return, and there is a an item"motor vehicle expenses" under expenses, this is where you claim all your MV expenses for the year, you will need to prepare a depreciation schedule for your MV under here if you wants to claim it.
To explain it more clearly, as most of the people get confused about depreciation method and logbook method (per above), they are different matters.
Basicly there are four ways to claim your MV expenses in your tax return:
1. Cents per kilometre (can only be used when business travel up to 5,000KM)
2. 12% of original value (business use must exceed 5,000 km)
3.1/3 of actual expenses (business use must exceed 5,000 km) (must have all the records of expenses)
4.Log book or actual cost - (no restrictions, must have records of expenses and logbook, if log book method used, docs not required for petrol/oil expenses, logbook must be maintained for a period over 12 weeks, at least once every five years.
You are free to choose which method to use according to the records you have kept and the business km you have travelled, number 1 and 4 are the most common ones used.
To answer your question, yes, all the MV expenses you have used can be claimed at 80%(specify this% in your tax return), 12 weeks log book method is only applicable when you use method 4. To simply things, you can always use cents per kilometre method if you travelled under 5,000km in that year.
I hope all the above helps and gee...I cannt believe I have typed sooo many words....... need to take a rest now.
(besides this is probably first time I have typed so many in this bbs) |
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换车记之买车篇 (2008-8-27) 7jf 
发表于 2013-5-6 23:32
