How to Purchase a Car Through Your Business in Australia

Рет қаралды 14,895

Күн бұрын

If you’re looking to purchase a car for your business in Australia, it is important that you not only understand the tax implications of it, but also understand the best ways to do it. In this video, I will be going through how you can purchase a car for your business in Australia.
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⌚️Timestamps
0:00 Purchasing a Car For Your Business
0:22 The Basics
1:18 Business Structure
4:11 How to Claim on Tax
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Ethan 'Rooshock' (Rucioch) is an Australian business owner in his late 20's. He is the owner and director of Rooshock Accounting, an accounting firm. He is also the creator of an NFT project, Rooshocks. In his spare time, he enjoys travelling, spending time with his family and watching countless hours of sport. On this channel you will find a range of different content, including personal finance, business advice, tax tips, crypto tax tips, NFT discussions and even Ethan analysing some popular TV show businesses from an accountant’s perspective.
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Disclaimer
Every effort has been made to ensure that the information in this video is accurate. The information in this video and on this KZfaq channel is for entertainment and general information purposes only. It should not be taken as constituting professional advice. You should not rely on it as financial, legal or tax advice. There are always risks in any financial decision and all decisions should be made on an individual basis. You should conduct your own research and seek independent professional advice where needed. Some of the links in this video or video description may be affiliate links. Ethan Rucioch, Rooshock Enterprises Pty Ltd, Rooshocks NFT Pty Ltd or any other related party may receive a commission through these.
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#car #taxonvehicles #taxoncars

Пікірлер: 50

@EthanRooshock Жыл бұрын

What other topics do you want me to cover when it comes to business taxes?

@noonaleon 4 ай бұрын

Is there an equivalent to an LLC of the US in Australia? If yes how does it work?

@EthanRooshock 4 ай бұрын

@@noonaleon We have companies in Australia.

@blaineok Жыл бұрын

Super helpful videos mate, thank you!

@EthanRooshock Жыл бұрын

No worries!

@noonaleon 4 ай бұрын

You have a great informative channel, I hope you keep making videos :)

@EthanRooshock 4 ай бұрын

Thank you! Will do!

@gabrielg1928 11 ай бұрын

you’ll reach 10k and more you deserve it. Thnx mate

@EthanRooshock 11 ай бұрын

Thank you!

@squadtvofficial Жыл бұрын

Could you do a vid on how content creators and artists navigate taxes in Australia?

@EthanRooshock Жыл бұрын

Thanks for the suggestion! I'll add it to my list of ideas.

@stanleychawner6458 2 ай бұрын

congrats on your 10k goal

@EthanRooshock 2 ай бұрын

Thanks!!

@simonm1528 5 ай бұрын

You hit 10k well done

@EthanRooshock 5 ай бұрын

Thanks! Got there last week

@Nerdificationing Жыл бұрын

Can you do one on novated leases? It's really hard to tell at what salaries it makes sense and when it doesn't

@EthanRooshock Жыл бұрын

Thanks for the suggestion. It is a bit of a tricky area as it can be very situation dependent.

@jamesporter4897 4 ай бұрын

Not bad 6000+ subs in nine months 🎉

@EthanRooshock 4 ай бұрын

Yeah things have grown nicely since this video!

@sushilkshetri8458 10 күн бұрын

It’s really helpful But can you explain a bit in detail for the solo trader

@EthanRooshock 10 күн бұрын

What would you like to know?

@jamesporter4897 4 ай бұрын

V informative 😊

@EthanRooshock 4 ай бұрын

Thanks! Glad you found it helpful!

@benbrown3862 Жыл бұрын

Hey can you do a video on claiming Sports bet on tax, thanks

@EthanRooshock Жыл бұрын

Haha well if you're just a casual gambler there is nothing you can claim. The only people who include gambling earnings/losses are professional gamblers.

@stevewelsh__ 8 ай бұрын

Does the info on having my ABN on the receipt apply if I buy a used car from a private seller?

@EthanRooshock 8 ай бұрын

Do you mean if you make a purchase of a car, should they list your ABN?

@stevewelsh__ 8 ай бұрын

@@EthanRooshock yes because the receipt will just be made by the seller and not a dealer.

@EthanRooshock 8 ай бұрын

Shouldn't cause you any issues. Just make sure it states your name as the purchaser.@@stevewelsh__

@stevewelsh__ 8 ай бұрын

@@EthanRooshock excellent cheers!

@joshmellen9647 2 ай бұрын

Could you please do an updated video for this please mate 🤙

@EthanRooshock Ай бұрын

What do you want me to cover?

@antonio_travels Ай бұрын

Do you then need to add the depreciation back in when you sell or tradein a few years down the track.

@EthanRooshock Ай бұрын

Yeah if you've claimed an asset, the sale of that asset will normally be taxable.

@agetube83 Жыл бұрын

If its a partnership how would it work in that case, as there's 2 names?

@EthanRooshock Жыл бұрын

Best to seek individual advice on this based on your state and the partnership agreement.

@amgyau 16 күн бұрын

do you need to make a business DOT account and register it under the dot?

@EthanRooshock 16 күн бұрын

DOT?

@Flamamacue 4 ай бұрын

What a solid Aussie tax channel. Most stuff on YT is so dry and awful but this is great. Quick one; where do motorbikes fall into it? I see they don't classify as you touched on but I actually got a motorbike for some jobs that have bad roads or short trips that I don't want to take the car on. Does it just fall into instant asset (bought in 22-23FY) and log book to determine % like a car?

@EthanRooshock 4 ай бұрын

Cheers! You need to use an actual costs calculation. I would be doing a logbook to calculate the % of use that is for business/work.

@Flamamacue 4 ай бұрын

legend! Thanks mate@@EthanRooshock

@EthanRooshock 4 ай бұрын

@@Flamamacue No worries!

@wokitlikeyoutalkit5619 Ай бұрын

Question, I'm a sole trader (side hustle hobby business)- do I have to be a brand new car or can it be second hand one in order to claim depreciation etc?

@EthanRooshock Ай бұрын

Can be second hand as well

@wokitlikeyoutalkit5619 Ай бұрын

@EthanRooshock great, So I can buy a used car privately, keep my proof of purchase and work my depreciation off that initial price I pay or whatever market value is at the time of purchase?

@EthanRooshock Ай бұрын

@@wokitlikeyoutalkit5619 As long as you have the right records to prove the purchase. Depreciation will depend on the amount of the purchase. Definitely should get personal advice from your tax agent first.

@sorayav.f1210 5 ай бұрын

How to get dealer license ?what is the application?

@EthanRooshock 5 ай бұрын

A what?

@treypeni1662 Жыл бұрын

Am I eligible to Claim a car as a sole trader through my small business that I just started ?

@EthanRooshock Жыл бұрын

That’s too broad of a question for me to answer sorry. There’s a number of factors that you need to consider. You’d need to speak to the ATO or your accountant.