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Thread: Tax question - Sold a car

  1. 26th July 2015, 03:04 PM #1
    WhiteD3
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    Tax question - Sold a car

    I think I know the answer to this but would appreciate confirmation please.

    I sold the D4 for more (termination value) than what the lease payout figure was (adjusted value). I then multiply this "profit" by the business % usage (I use the logbook method) to get the Balancing adjustment value. This final figure is added to my assessable income when I do my tax return.

    Cheers.
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  2. 28th July 2015, 09:56 AM #2
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    NavyDiver
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    Using a private car or a business owning a car? You as you, you as a Sole trader, partnership or company on the lease?

    I use my D3 a few times a month and claim a tax deduction for its use. That does not make my D3 a business asset. Leasing may be FBT if the lease is paid for by business and the lease is in your name? The leasing company should have a FAQ on tax treatment for you.
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  3. 28th July 2015, 11:22 AM #3
    WhiteD3
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    I am an employee who uses the car (leased by me) for work purposes.
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  4. 28th July 2015, 11:47 AM #4
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    NavyDiver
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    Disposal of a leased car for profit

    INCOME TAX ASSESSMENT ACT 1997 - SECT 20.125 Disposal of a leased car for profit

    Like most areas of Tax it is as clear as mud
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  5. 2nd August 2015, 01:11 PM #5
    WhiteD3
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    I couldn't get my head around the ATO rules and so went to my accountant. Sadly my suspicions were correct and I'm poorer than I was....but at least the ATO won't be looking for me.
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