Can I buy a car and claim it on tax?

You can claim both new and used cars. Much like a new car, a used car also has to be installed and ready for use by J in order to be included in your 2021-22 tax return.

drive.com.au - How to claim your car in your 2021-22 tax return - Drive - CarAdvice

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How to claim your car in your 2021-22 tax return

"If you’re an employee you can claim the business use of your car using the cents per kilometre method (which gives you 72 cents per kilometre for this financial year), but you can only claim that for up to 5000km," says Mark Chapman, H&R Block’s Director of Tax Communications. "If you go beyond 5000km you either have to cap the claim there, or you can use the logbook method, which is generally the preferred method in terms of the size of the deduction. However, there are considerable record-keeping requirements involved. "You have to keep a logbook for 12 weeks and you have hold onto that logbook for five years, plus you have to keep the individual receipts for your various costs – including fuel, servicing and insurance." Contrary to popular belief, your daily commute does not count as “business use”. Instead, business use can include things like driving to and from suppliers, visiting a client, driving to the bank or post office to carry out business-related activities or driving to clients or suppliers to view product. Unplanned trips to see clients or meet suppliers that require you to travel straight from home to the work-related location can also qualify, as long as they weren’t pre-organised. Tricky, right? That’s why keeping a log book and consulting with an accountant can help you work through the grey areas. It’s an expansion on the instant asset write-off because it changes the eligibility criteria from businesses with an aggregated turnover of less than $500 million to businesses with an aggregated turnover of less than $5 billion – meaning a far larger pool of businesses are eligible. "With the ATO checking work-related expense claims and business record keeping, it’s best to keep details of the kilometres travelled for business and private use, receipts for fuel, oil, repairs, servicing and insurance cover, loan or lease documents, tax invoices, registration papers and details of how you calculated your claim. You may need further records if you rely on the logbook method," Ms Kasapidis explains. "What is important to remember though is that record-keeping obligations – such as records to calculate business and private use, or to claim running expenses – didn’t go away because of temporary full expensing. So make sure to maintain good records throughout the life of the vehicle and for when you sell," Ms Kasapidis cautions. “It’s a really strict deadline. So if you drove the car off the lot on the 30th of June this year, you could claim up to the car limit in your tax return. But if you drive it off the lot on July 1st, you’d have to claim it in your 2023 return, meaning you’d have to wait 12 months to claim,” Ms Kasapidis says.

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The car cost limit for the 2021/22 financial year is $60,733, which means that no matter what you paid for your car, you can only claim the business-use percentage of your car up to that $60,733 limit. In layman’s terms: a sole trader who buys a new passenger car for $70,000 drive-away and uses it exclusively for work, would be able to claim 100 per cent business use up to the car cost limit of $60,733 (for the 2021/22 financial year). If you want to claim a second-hand car under temporary full expensing, you just have to ensure your business’s aggregated turnover is below $50 million and the used car was first held by you at or after 7.30pm AEDT on October 6, 2020. "What is scheduled to happen is that we will go back to the instant asset write-off, but it will have a threshold limit of $1000 for assets from 30 June 2023. Having said that, the government might look at that and extend it," Mr Chapman explains. Susannah Guthrie has been a journalist since she was 18, and has spent the last two years writing about cars for Drive, CarAdvice, CarSales and as a motoring columnist for several in-flight and hotel magazines. Susannah’s background is news journalism, followed by several years spent in celebrity journalism, entertainment journalism and fashion magazines and a brief stint hosting a travel TV show for Channel Ten. She joined Drive in 2020 after spending a year and a half at the helm of Harper’s BAZAAR and ELLE’s online platforms. Susannah holds a Bachelor in Media and Communications from the University of Melbourne and cut her teeth as an intern for Time Inc in New York City. She has also completed a television presenting course with the National Institute of Dramatic Art. She lives in Melbourne with her husband and her one-year-old son who, despite her best efforts, does not yet enjoy a good road trip.