answered
Q: Hi, I'm a locum Optometrist who does itinerant work (for different companies in different locations when they need me). I've just recently purchased a new car. Currently, in the process of setting up loan structure as i am financing to maximise the benefits as a travelling optometrist. Someone has mentioned to agree to a 'lease contract' so as to tax ddeduct the whole amount of the vehicle? This is opposed to actually owning the vehicle at the end by paying it off? Thoughts?
A: As in, when we are claiming on the depreciation aspect of the car loan, isnt it just the proportion designated to 'work use'? So essentially over the life of the span it wont be the 100% cost? It will be the depreciation on the (proportionxcost) of the car ?
answered
Q: Hi, I'm a locum Optometrist who does itinerant work (for different companies in different locations when they need me). I've just recently purchased a new car. Currently, in the process of setting up loan structure as i am financing to maximise the benefits as a travelling optometrist. Someone has mentioned to agree to a 'lease contract' so as to tax ddeduct the whole amount of the vehicle? This is opposed to actually owning the vehicle at the end by paying it off? Thoughts?
A: Going back to your comment about the 'lease' and 'loan' working out to be the same in the long run. With the lease option, isn't the whole amount 100% claimable then ? Whereas with 'car loan', it's only the % of work use the car is used for? Or does the proportion also apply to a lease?
question
Q: Hi, I'm a locum Optometrist who does itinerant work (for different companies in different locations when they need me). I've just recently purchased a new car. Currently, in the process of setting up loan structure as i am financing to maximise the benefits as a travelling optometrist. Someone has mentioned to agree to a 'lease contract' so as to tax ddeduct the whole amount of the vehicle? This is opposed to actually owning the vehicle at the end by paying it off? Thoughts?
