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Joe R.
Joe R.
Greenwich, NSW
32 Likes
4 Followers

Can I purchase a car through my business and claim the repayments?

5 years ago

Responses

Absolutely you can and you can borrow the funds through various asset and leasing finance options. We can also tailor the finance package to ensure the monthly repayments fits within your budgets

The repayments can be tax deductible depending on the ratio of business use of the car v personal use

Hi Joe,

You sure can claim the repayments through your business.
There are many leasing business options.
I hope this helps.

The tax office is more concerned to know what you are using the car for? If it's for business use, yes you can make a claim subject to rules. If it's owned by your company and there is no business use its not so easy. This is a complex area in tax so an accountant is who you rely on for advice.

If this vehicle is under a " Lease " and for business purposes in most cases yes .

If the vehicle is under a HP / Chattel Mortgage then you claim the interest and depreciation.

You need to keep a log book to demonstrate the actual time the vechile was used for business.

You will need to engage a specialist tax accountant to get accurate advise initially before making any decisions.

A professional mortgage broker will have access to these oeople and the loans structures you will require.

You may be able to but should check the details with your accountant.

Depending on the product you may be able to claim some/all of the interest expense and depreciation on the car, or the whole monthly payment as an expense. There are plenty of options that may suit what you're after.

Have a look on at the CBA asset Finance page if you're after more information.
www.commbank.com.au/business/asset-finance

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