Great video Derek! As stated, it'd be great if you released the spreadsheet for people to play with. I've just bought a 2nd hand car in my name, $56k cost, income of under $45k as I'm trying to build liquidity in the young company. I'm not paying myself a vehicle allowance, that I will now thanks to you!
Thanks Derek, your video was really helpful. Would it be possible to get a copy of your spreadsheet calculator so I can check what would be best for our circumstances. Thanks again
it won't make any difference to my calculations. I did all my numbers over 5 years. therefore no tax difference between writing car off fully in 1 year or over 5 years. Only difference will be the timing of the tax deduction. derek
If I buy a car using company money and title it in my trust is that something I can do? I would use after tax money of course and NOT write it off as its personal. Just want to avoid taking money out paying income tax since i dont own it the trust does
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Great video Derek!
As stated, it'd be great if you released the spreadsheet for people to play with.
I've just bought a 2nd hand car in my name, $56k cost, income of under $45k as I'm trying to build liquidity in the young company. I'm not paying myself a vehicle allowance, that I will now thanks to you!
Thankyou very much I found this information very helpful.
Thank you so much for this Very informative!
Thanks Derek, your video was really helpful. Would it be possible to get a copy of your spreadsheet calculator so I can check what would be best for our circumstances. Thanks again
Can you elaborate more on purchasing the car on company given the new budget 2023/2024, and the fact the instant asset write off reduced to 20k?
it won't make any difference to my calculations. I did all my numbers over 5 years. therefore no tax difference between writing car off fully in 1 year or over 5 years. Only difference will be the timing of the tax deduction. derek
Thank you very helpful!!
Thank you for your ok information. Does it work on old business car as well or just on brandnew cars for 5 years ?
the car can be new or second hand. derek
Should’ve done video on luxury cars over $100000
@11:48, shouldn't it be 25%?
i did notice that when i watched it back, but i thought no-one else will pick it up... derek
If I buy a car using company money and title it in my trust is that something I can do? I would use after tax money of course and NOT write it off as its personal. Just want to avoid taking money out paying income tax since i dont own it the trust does
the company can 'lend' money to a trust. that ok. derek