2009 Federal Budget = Time for a new car

I know a few forum members run their own small businesses (like me) and have their own ABN's so just thought it would be opportune to remind everyone that the incentive announced in the budget is worth exploring.

The additional tax break above that announced in February allows businesses with a turnover of less than $2m to claim a bonus tax deduction of 50% of the cost of eligible assets costiing more than $1000. Eligible assets include tangible depreciating assets, such as computers, vehicles and if you are lucky enough to be able to claim it, a boat (highly unlikely uness you derive your income from a maritime activity). (Shame Reeltime doesn't make any money or that would be something I would be exploring myself)

In my case it seems the Subaru Liberty 3.0RB's days are numbered and a new car might just be on the radar thanks to good old Ruddy and Swanny.

It would pay to talk to your accountants and check your own individual circumstances. With a $60k vehicle purchase you could potentially have a $30k tax deduction on top of GST rebates and fleet pricing etc. Depending on what tax rate you are already on that could be a significant saving.

 

I can see a few more new 4WD's gracing the forums by the end of the year. Wink

 

I must disclose that I am also a finance broker FBL3305 for those don't already know from the Crediflex ads in the Reeltime mag. Happy to discuss offline if you want any additional info but best advice though is talk to your accountant first.

 

Just wanted to give the guys that aren't getting the Ruddy handout something to look forward to.Cool

 

Cheers

Andy Mac

 

 

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Cheers

Andy Mac (Fishwrecked Reeltime Editor & Forum Moderator)

Youngest member of the Fishwrecked Old Farts Club


Andy Mac's picture

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Date Joined: 03/02/06

Might be selling the car private

Thu, 2009-05-14 16:34

So if you fancy yourself driving a 3 year old jet black 3.0RB with full leather, 19" mags and a 13 speaker sound system, watch the buy and sell forums over the next few months, as it just might be up for grabs.

Cheers

Andy Mac

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Cheers

Andy Mac (Fishwrecked Reeltime Editor & Forum Moderator)

Youngest member of the Fishwrecked Old Farts Club

uncle's picture

Posts: 9316

Date Joined: 10/02/07

i'm on to it

Thu, 2009-05-14 16:46

might have to get a new PRADO for my retirement!
Fast fish rule!

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all aggressive fish love bigjohnsjigs

chezza's picture

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Date Joined: 23/10/06

Yep, looking at the moment,

Thu, 2009-05-14 16:58

Yep, looking at the moment, great for small business

Andy Mac's picture

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With rates low at the moment

Thu, 2009-05-14 17:20

it is too good an opportunity to let pass. Just be careful with the financing and don;t blindly accept the quote you get from your current bank/car dealer. Better to save on both tax and financing costs.
I'm quite keen on the new G series Fords. The XRS Turbo's with all the fruit. Or do I just go another Liberty..... decisions decisions....
Any suggestions for a nice sedan work car?

Cheers

Andy Mac

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Cheers

Andy Mac (Fishwrecked Reeltime Editor & Forum Moderator)

Youngest member of the Fishwrecked Old Farts Club

allrounder's picture

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Date Joined: 10/11/08

m3 bmw

Thu, 2009-05-14 17:30

should do the trick or maybe a bentley with 50% tax rebateLaughing

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So tell me have you got your info from years on the water or hours on the internet?

  • was sponsored by Atomic Lures and Shimano but they dropped me.Now sponsored by Fog Dog(The best fish coating out there) and raider lures.

Andy Mac's picture

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Date Joined: 03/02/06

Hmmmm

Thu, 2009-05-14 17:39

Can't quite afford either (by a long way), but an M3 would be nice.Cool
That's why I got the Liberty, its a much cheaper version of the m3.

Cheers

Andy Mac

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Cheers

Andy Mac (Fishwrecked Reeltime Editor & Forum Moderator)

Youngest member of the Fishwrecked Old Farts Club

allrounder's picture

Posts: 1853

Date Joined: 10/11/08

have a look

Thu, 2009-05-14 18:00

at the peugeot 407 in diesel.economical as ,serviced once a year, leather interior and good boot space.The father in laws company is buying some for their fleet he has had his for a couple of years and thinks its great for a run around.

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So tell me have you got your info from years on the water or hours on the internet?

  • was sponsored by Atomic Lures and Shimano but they dropped me.Now sponsored by Fog Dog(The best fish coating out there) and raider lures.

HuggyB's picture

Posts: 2515

Date Joined: 03/08/08

Already bought one

Thu, 2009-05-14 20:18

2009 Hilux 4x4 diesel tray back ute.

 

Our turnover means only 30% rebate though, but thats still $12k or so. Old man got a new Commodore ute as well. You'd be crazy not to IMO. They are basically handing you the 1st years depreciation (and then some).

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                    The Terrorist - coming to a fishing spot near you.........

Blake.T.'s picture

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Date Joined: 12/12/07

is this only for brand new

Thu, 2009-05-14 21:00

is this only for brand new cars or does it include 2nd hand as well??

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HuggyB's picture

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brand new (or demo I think)

Thu, 2009-05-14 21:05

but it doesn't help much unless you have a registered company that you own Blake.

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                    The Terrorist - coming to a fishing spot near you.........

Andy Mac's picture

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Brand new

Thu, 2009-05-14 21:07

but demo's should fall under the category of "new" as long as they haven't been flogged for too many kms. I think the definition includes "reasonable testing and trialling" as allowable.
Its a grey area still and once the legislation is passed should become clearer.

Cheers

Andy Mac

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Cheers

Andy Mac (Fishwrecked Reeltime Editor & Forum Moderator)

Youngest member of the Fishwrecked Old Farts Club

Kelvin8r's picture

Posts: 475

Date Joined: 12/08/08

Sub-Contractors?

Thu, 2009-05-14 21:18

What about people like me who are subbies??

Andy Mac's picture

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as long as you have an ABN

Thu, 2009-05-14 21:23

you should be fine. Talk to your accountant.

Cheers

Andy Mac

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Cheers

Andy Mac (Fishwrecked Reeltime Editor & Forum Moderator)

Youngest member of the Fishwrecked Old Farts Club

7739ian's picture

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Date Joined: 25/06/08

Might be interested

Fri, 2009-05-15 07:10

in purchasing a nice low mileage (400,000k) HQ Holden given the state of business at the moment.