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Q: My husband is self employed and looking at buying a new vehicle for work. Our accountant was saying that if he pays less than $20k for the van it will lower his taxable income. Didn't quite understand what he meant. Can you please explain or clarify a bit more so we can make an informed decision moving forward? Thanks for your time. Sarah
A: Soo he will get 100% tax deduction as well as reduce his taxable income for the year. And if he's making quarterly PAYG instalments will that reduce the amount he has to pay as well or do we have to wait until end of financial year and possibly get a refund because we've paid more.
