When considering financing an asset under your business or taking out a loan, you’ll want to ensure your payment records are up-to-date. Thats Right Bookkeeping is here to provide assistance in processing and tracking those major purchases and business loans, ensuring no surprises.
Scaling up? It may be time to take out a business loan. We’ll help track your repayments against each loan and be ready to provide a report on the progress of your repayments at any time.
Many business owners choose to purchase a vehicle through their business. We can process your purchase and help track any repayments.
Luxury Cars & The Luxury Car Tax
If you purchase a luxury car, you may be required to pay LCT (Luxury Car Tax) on its GST-inclusive value. You’ll also be unable to claim the full 10% GST. To all vehicles, a set limit applies to the cost used to calculate depreciation (2019-2020, $57,581). TRB will work with you to ensure you receive your maximum entitlement and will carefully track any loans or leases applicable to your new vehicle.
Leasing a car through your business may entitle you to claim a partial or full GST credit for the GST included in each lease payment (dependent upon the amount you use the car in your business). We’ll carefully track your lease payments and liaise with your accountant to determine your percentage of business use and tax deduction.