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Using car for business and personal use

Discussion in 'Australia & New Zealand' started by Simbul, Aug 5, 2016.

  1. Simbul

    Simbul Member

    Joined:
    Apr 19, 2015
    Messages:
    18
    Location:
    Australia
    Hi everyone,

    I am keen to purchase an X, but am curious as to how those already have a Tesla claim expenses. For a ICE car, l claim petrol receipts as a percentage based on log book.

    As there is no petrol receipts how does it work?? Based on Km only x a $ rate?

    I tried to search for the answer but couldn't find it, but if there is already a thread on it, if someone could point me in right direction l would appreciate it

    Thanks
    Simon
     
  2. *KT*

    *KT* Member

    Joined:
    Aug 2, 2016
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    86
    Location:
    Brisbane, Australia
    I was going to logbook it. Claim the kw to charge it plus the other ongoings (not much being an EV) but by far the biggest contributor is the Depreciation.
     
  3. RichardMcN

    RichardMcN Member

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    Mar 12, 2016
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    380
    Location:
    Sydney
    My accountant says an estimate calculation is fine for FBT so probably fine for expense claim, but at off-peak rates it only costs $5 to fill it once or twice a week so I don't bother.
     
  4. jmr-

    jmr- Member

    Joined:
    Jul 25, 2016
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    Location:
    Brisbane
    I am interested in an automatic log book. I've bought mine through my business, and coming from an Amarok (which is exempt from log book requirements) I'm keen to automate it as much as I can. I have clients pretty much everywhere, so I'm not worried about being able to achieve a high percentage of business use ;)
     
  5. TesAus

    TesAus Member

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    Location:
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    #5 TesAus, Aug 5, 2016
    Last edited: Aug 5, 2016
    I believe that the tax office had provided a ruling that the flat rate per km can be applied to EVs also which would go a fair way to covering depreciation costs.

    There is a 5000km limit that you can claim per year for this method.

    Can't find the ruling itself, but here is an article about it
    Tax office ruling provides big boost for electric vehicles in Australia
     
    • Informative x 1
    • Like x 1
  6. garyjac

    garyjac Member

    Joined:
    Jan 14, 2016
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    Location:
    Brisbane, Queensland
    Little Log Book is a GPS and such in a stick that logs all your trips, just plug into the USB port in the car and download once a week. Software is free to download. Purchase of the hardware is $99.
     
  7. houdini

    houdini Member

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    Location:
    Australia
    Thanks for this I'll check it out. I'm about to change jobs and the new one will require lots of travel. Probably only for 6 months though. I was thinking of just using the log book method and claiming up to the 5000kms.

    I was looking at some kind of app like this one: Vehicle log book app | Car log book app | FBT log book

    No way I'm going back to a paper based log book!
     
  8. houdini

    houdini Member

    Joined:
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    Messages:
    273
    Location:
    Australia
    Interested to know how you bought it if you don't mind sharing. I've tried to crunch the numbers on different leasing options and once you factor in FBT and expenses of the lease etc it seems like just taking a loan and claiming km's makes more financial sense.
     
  9. Mark E

    Mark E Member

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    Jun 27, 2012
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    Location:
    Sydney NSW
    If you can secure against property then that is your best option. I have a facility for the car set up with my investment loan portfolio - effectively a facility to buy the car and keep it separate from other loans for tax purposes. Interest at under 4% and 5 years interest only. Claim depreciation and use the log book method - i.e. percentage of overall use. Remember that the maximum that you can claim is limited by the LCT threshold.
     
  10. gcgp

    gcgp Member

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    Nov 11, 2015
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    Location:
    Gold Coast, Queensland, Australia
    FWIW I purchased mine under my name, not under company name. FBT would be too high and the GST refund I would have received would've been less than the FBT.

    I use a simple iOS app called LogBook and I can log a trip in around 4 clicks. Instead of logging each client trip (which can be 8-20 per day) I just punch in a start time, and end time, and total kms driven.

    So far its showing that I use my care 90% of the time for business use.
     
    • Informative x 1
  11. doctorwho

    doctorwho Member

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    Location:
    Eurobin, Victoria. Australia
    There's a website called Teslalog that will automatically log all your trips and charge amounts
     

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