Business - new car purchase

Claim 100% during the year and make an adjustment in April each year for your prviate use

There are 2 ways to calculate your private use – it is best calculating both methods and using the most favourable one

Method 1 – Log Book

We make an adjustment for the private use % based on your log book

Method 2 – Statutory

We will make an adjustment equal to 20% of the car’s cost

https://www.ato.gov.au/Business/Income-and-deductions-for-business/Deductions/Deductions-for-motor-vehicle-expenses/Logbook-method/

https://www.taxslayer.com.au/blog/category/cars-/-motor-vehicles

 

Depreciation & GST Limits (2023-24)
ATO depreciation & GST limits