Is my Tesla, Hilux or any car tax deductible?
On The Australian Business Podcast this week (don’t forget, we go live twice a week), I — Owen Rask — spoke with experienced small business accountants (and my co-hosts) Danil Goloubev and Jordan Kidis about whether, or not, cars are tax deductible.
Podcast show notes for Is My Tesla Tax Deductible?
Danil just had a baby (congrats!), Jordan just bought a Tesla, and Owen… also placed an order for a Tesla (even though he LOVES his banged-up old Subaru).
Almost every person or business owns a vehicle for business and private use. But too many people think a car is 100% tax deductible – which is often not the right answer!
In this episode, Owen, Danil and Jordan explain:
- How to work out if your car is tax deductible
- Why does it make sense to buy a base model Tesla (Model 3) with recent ATO rules?
- What does Fringe Benefits Tax (FBT) mean and how to calculate it (most people get really confused, even finance people — but this could save business owners $10k, $20k or more if done right!)
- How to calculate depreciation on your car using the logbook
- How to do a logbook and remind yourself
- How much can tradies claim on their car?
- Can office workers claim the cost of a car?
Grey Space Advisory – snag a $100 health check
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