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Australian Model Y Waiting Room

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Yes, good point on being taxed if selling above depreciated value. That's why it's important to choose the right method of depreciation that suits your situation
How does this work?
Lets say you buy a company car and make it before eofy. Purchase price 85k.
Can still use temp fully expensing depreciation i.e. 64k. Residual value = 21k

Lets then say in few years time, the car is sold for 41k.
For income tax perspective, does it mean that the company need to pay income tax of 20k (41k-21k) ?

If the car is sold for less than the residual value, e.g. 15k, no tax need to be paid?
 
How does this work?
Lets say you buy a company car and make it before eofy. Purchase price 85k.
Can still use temp fully expensing depreciation i.e. 64k. Residual value = 21k

Lets then say in few years time, the car is sold for 41k.
For income tax perspective, does it mean that the company need to pay income tax of 20k (41k-21k) ?

If the car is sold for less than the residual value, e.g. 15k, no tax need to be paid?
I'm not an accountant... but was told that if you would have to pay tax on the difference between residual value and sale price (deemed income). So I asked, could sell it to myself at residual value, then sell privately at market value. But sounds like this isn't ok either as you have to sell to yourself at a price similar to market value.

It may not always be in your best interest to do the full instant write off, may be better to use one of the two normal depreciation methods. It really comes down to how long you expect to keep the asset.

Discuss with your accountant to see what best for you.
 
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Hey - brand new here. All helpful stuff thanks everyone.
Anyone in Brisbane had any love with deliveries? Ordered in mid-Jan, Build 27/4, RAV 18/5. Assuming once the eagle lands in PK then have to wait until it spends the obligatory month at anchor on the sunny coast before it can come in here too. EDD Feb-May now June 10 to July 1. (Very unlikely)
No luck with a delivery date as yet, same boat as you, app still shows EDD 10 - 30 June.
 
How does this work?
You should speak to an accountant.
But basically if you sella vehicle for more than the depreciated or residual value, the $$$ is income and taxed as such, and if you claimed back GST at the initial purchase, you will have to pay GST on the sale.

Selling to youself at residual value needs to be at market value - basically whatever the Redbook value is.

Everyone who is doing work related deductions on the car should have an accountant.
 
Tesla do not do delivery. The car is handled by one of the big transporters such as prixcar. The transporter cleans the car and registers it before deliver it to tesla just in time
Thanks. I assumed as much, although couldn't have named the companies involved. Tesla also use third-party shipping companies and car-carrier road transport companies. From the customer's perspective, Tesla give incorrect and incomplete information about the car's progress with each of those third-parties, so it is impossible to know when to actually expect the car to arrive at each stage. That leads to the wrong decisions being made, and Tesla takes no responsibility for any of it, including their own incorrect information.
 
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About to bow out of this thread and figured I’d leave a summary here for posterity

Ordered 1/4/23: MSM RWD / Black / 19”, in Brisbane
Initial ETA: Apr - June. This changed to May - Jun along with everyone else’s recently
6/6: Date range of 6 June - 27 June, VIN assigned, final invoice received. I called to enquire the next day and was told it’s at the delivery centre, ready for pickup.
Car picked up today 10/6

I am aware I got super lucky with a cancellation here and am very grateful.
Good luck to everyone chomping at the bit still
 
I am aware I got super lucky with a cancellation here and am very grateful.
Good luck to everyone chomping at the bit still
Ordered Late 22, no car, no vin, just on morning crystal, have final invoice however (actually that shows a vin but the manage pages does not)

I am about to bow out of this thread also and go buy something else EOFY. The port calendar keeps showing the ship is docking this date, and a few days later, it is updated...and the date put back...it has been going on for a while. I can safely say sitting here for the next 20 days watching this isnt going to be fun.

Disappointed...don't know what happened with my order, chatted to support and told all other cars taken blah blah.

I guess I wont suffer range anxiety or be one of those queuing for a charge ... I saw them today at the mall.

I do suspect however, this current model Y will be one of the best...I don't see improvements, maybe battery tech but that is going to be a case of more dense batteries, less weight..but same range.
 
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why does the transporter register the vehicles?. I have seen vehicles transported brand new without rego plates. Normally cars are delivered to dealers and they register it.
The cars being transported without plates are heading interstate. The two large car transporters are licenced to inspect and issue rego and fit plates all within their vast yard. It saves tesla having to drive every car to motor reg and get inspections etc, which for a car dealer would be a nightmare. The transporters also strip off the plastic protections if it is not going interstate, and give it a really bad wash usually with a broom and water off a muddy hardstand. It then goes to the dealer for a pre-delivery “detail”
 
I'm not an accountant... but was told that if you would have to pay tax on the difference between residual value and sale price (deemed income). So I asked, could sell it to myself at residual value, then sell privately at market value. But sounds like this isn't ok either as you have to sell to yourself at a price similar to market value.

It may not always be in your best interest to do the full instant write off, may be better to use one of the two normal depreciation methods. It really comes down to how long you expect to keep the asset.

Discuss with your accountant to see what best for you.

You have to pay the tax if you sell, the car is owned by your business and an asset. You sell the asset it is viewed as income if fully depreciated.

In other words, no free lunch...the only way to game the system is sell the car for cash + lower market amount, but I guess they'll check this also.

Or run the car to the ground and scrap it in 10 years. I don't suppose after 10 years they'll pay any attention to it.

But if you sell within the first 7 years they certainly will.
 
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About to bow out of this thread and figured I’d leave a summary here for posterity

Ordered 1/4/23: MSM RWD / Black / 19”, in Brisbane
Initial ETA: Apr - June. This changed to May - Jun along with everyone else’s recently
6/6: Date range of 6 June - 27 June, VIN assigned, final invoice received. I called to enquire the next day and was told it’s at the delivery centre, ready for pickup.
Car picked up today 10/6

I am aware I got super lucky with a cancellation here and am very grateful.
Good luck to everyone chomping at the bit still
Great to hear you got your car. Just one question - How did you find the suspension compared to how it felt when you test drove the vehicle?
 
Got delivery yesterday at chatswood. Build date 10/3. As it was a cancelled order, it may have been sitting there for a wh-ile (family guy reference) and had dirt. Looked like delivery staff didn't care about it. I stood there for 10 minutes before someone even acknowledged and another 10 minutes before taken to the basement. I was then informed to check vin and rego and the lady said "off you go". I took photos, moved it under light and then was rushed out again as the lady probably just wanted to go upstairs and finish her bubble tea. A few little marks (have to look in detail in sunlight as lots of dust too) but she said nothing that could have been done and service should be booked. Overall, an average experience of delivery. I had to ask her to take a photo with the car as you don't have these moments often in life. Dont expect red carpet or red ribbons.
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I guess they'll check this also.
People have been selling cars for cash since forever and then lowering the official price for rego purposes to reduce stamp duty.
...
Also why sell the car back to yourself and pay stamp duty and maybe tax. . It's sitting in the garage irrespective. For most people, we can claim in only one vehicle at a time. So just stop claiming on the old car and start claiming on new car. But hey speak with accountant, this is not tax advice either