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| The Pub For General Automotive Related Talk |
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15-10-2015, 01:25 AM
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Brodes
Join Date: Jul 2009
Location: Adelaide SA
Posts: 955
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I've thought of this for a while but never looked further into it.
With having a classic car (or any car for that matter), it can be hired for a wedding, special occasion, etc. Now the ATO clearly wants you to declare any money made from this. What if someone were to register as a small buisness for this purpose (even having only one car), do all of the vehicle expenses become a tax deduction? Thus you could continue to restore knowing you'll get some $$ back at tax time? Thoughts?
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FGMkII XR6T, XB GT, XB Fairmont being built (slowly) & a 2013 Kia Rondo,GH Sigma |
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Car Expenses Being Tax Deductable?
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