Discussion in 'Resto Corner' started by terbear, Jan 25, 2010.
Some smart person out there has to know how to do it????
I wonder if you registered it for a business? Maybe a wedding or advertising vehicle?
Use it for business purposes only, would be one way....
But you may have to prove that you need a vehicle like that for work - could be a bit difficult with a camper..
Use it for business purposes only, yes true
& then you can only claim for half I was told by my acountant...keep all records & receipts
Half is good....
But you will have to derive some income to offset it against. You could I suppose put it in your partners name, sell it to yourself, pay the stamp duty and then claim it for work related expenses though the log book method or percentage of purchase price
is it possible to register a splitty as an investment? claim tax relief on restorations and servicing etc, then pay capital gains when its sold? just a thought.
I did hear that this is possible but you are not allowed to use it as its an investment.
So you can do it then put it in a museum.
But wheres the fun in that
Driven Not Hidden
so how about calling it an investment, claiming the resto tax etc, then,
un-call it an investment and use it?
or sell it to your partner at a loss and claim negative gearing from your "loss"
My understanding is that you are not allowed to claim expenses related to the restoration of a vehicle even if it is registered under a company name - although you can claim the cost of repairs - so this is where you need to get 'creative' with your repairer.
For example, after owning it for a period (in the company name) surely replacing the shocks (and lowering it at the same time) must be a repair
Or if it fails it's rego check due to rust, then repairing this and having the offending area repainted must also be a repair (to get it roadworthy again, of course).
Things like rebuilding th engine can be a bit trickier, but 'servicing' of these foreign vehicles can be expensive!
And I lost count of the money I needed to spend on repairs to my other company owned car - damn those shopping centre car-parks
Just keep things reasonable and there should be a way to cover at least some of the costs.
What about to advertise a business, a surf shop, bus is parked on the street next to the water in that salt air.
Would need regular repair especially if you transport surfer dudes who want to test out their new boards and you run em to the surf beach
you know, needs to be safe, cant have rust, scratches, brakes, sloppy suspension,
sluggish engine, XLNT idea guys... Im going to think on this...
My business includes manufacturing and selling alot of VW decals so I reckon I could get away with it?
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