Hubby is getting his work take taken away and they are replacing this with a car allowance. We don’t have enough money to buy a car out right and need to get a car loan.
We are going to lost some money paying interest on the car loan but DH thinking that he should be able to claim the interest on tax because it’s a work car/work related expense.
Does anyone know how it works in relation to what you can claim on tax when you get a car allowance and need to get a loan?
Any input/info would be appreciated.
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26-07-2013 07:46 #1Senior Member
- Join Date
- Sep 2009
Work vehicle allowance question?
26-07-2013 09:50 #2Member
- Join Date
- Apr 2011
Have a look at ato.gov.au. There is a lot of info about claiming work related expenses. There are a couple of methods you can use to claim motor vehicle work related expenses and you can choose the one that gets you the biggest deduction.
26-07-2013 13:58 #3
Get advice from your accountant - you can claim all car related expenses , ( rego, insurance, repairs, cleaning, petrol etc) you need to work out the percentage of the time he uses his car for work ( if he only uses it for work then claim 100%, if say he uses it weekends as well then maybe 70%?)
With your loan you can claim interest and depreciation of the car, your accountant may prefer you to do a chatel mortgage or a lease - you can claim the whole lease amount this way , car allowance is not taxed so if you do not spend the whole amount on your car you will have to pay tax
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