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Vehicle expenses: the best road to take
Date
April 4, 2011
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Business Maxims
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When it comes to income tax, amounts claimed as business expenses are less likely to be challenged by the tax office than employment related expenses. One of the reasons for this is that substantiation rules relating to employment tax deductions are more detailed and specific.
The substantiation rules applying to claims for motor vehicle costs against employment income are tighter than those applying to a claim by a business. Despite this reduced level of substantiation business owners must still be able to demonstrate that there is a link between an expense and their business activities, and show the percentage that relates to their business when there is business and private usage.
Q. In a recent article you mentioned that if a van is a commercial vehicle the purchaser would be able to claim 100 per cent of the running costs and depreciation even though the vehicle is used privately 10 per cent of the time.
My accountant has advised me that although a commercial vehicle does not come under the motor vehicle substantiation rules, it would still be subject to ordinary substantiation and is not automatically 100 per cent business deductible.
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His advice was that it was still best to keep a log book in case the ATO wished to substantiate my claim at a later date. Is my accountant wrong? Would it be different if the private use was 20 per cent, or 30 per cent? Does it matter if I have another car or not?
A. Your accountant is not wrong as the burden of proof is still on an owner to justify their business use where a cost or an asset is used for both business and private purposes. Where a person running a business had only one vehicle that was a commercial van, it would be hard to justify a claim for 100 per cent. If they had another vehicle they can however make a case that the private use of the van is minor and infrequent and they could claim 100 per cent of the running costs.
Q. I have a business that accounts for GST using the cash basis. I am considering purchasing a new vehicle that will have a mix of business and personal use. I am trying to understand the best financing arrangement for my company and am not sure whether hire purchase, chattel mortgage or a lease is best?
A. As you are on the cash method of accounting for GST it will not make sense using a Hire Purchase contract. This is because under a HP contract the GST included in the purchase price is claimed over the term of the HP agreement. This would mean on a vehicle costing $44,000, with $4000 in GST and using a four year HP agreement, the claim would be $1000 in a full year and a part claim in the first and last year.
If instead a chattel mortgage was used to purchase the vehicle a claim for the GST can be made in the quarter the vehicle is purchased. If you used a lease the finance company claims the GST and they charge GST on each lease payment. Under a chattel mortgage or HP agreement no GST is included in the monthly repayment amounts.
The amount of GST claimed will be limited to the business use of the vehicle. If the business use of the vehicle is 60 per cent, you could claim this percentage of the GST paid. For the $44,000 vehicle, using a chattel mortgage would result in a claim of $2400 in the quarter that the vehicle is purchased.
Questions on small business tax or other issues can be emailed to business@taxbiz.com.au
Tax for small business, a survival guide, by Max Newnham is available in bookstores.
Read more: http://www.theage.com.au/small-b ... .html#ixzz2U73VTmK5 |
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