Thank you for the video Ethan. Do you mind explaining chattal mortgage, hire purchase, lease or even commercial loans. And also is the interest on the loan tax deductible just like the principal. Thanks
No worries! What exactly what you like to know? Main thing is any interest paid is claimable under the same methods as other running costs (assuming they are being used for work/business purposes)
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?
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 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?
@@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.
if in a hypothetical case, I have 10 vehicles under my name and I rent them. What is the best way to formalize myself and how would taxes apply? What could I discount?
How do you prove the business use and are there certain uses that they dont allow ? Also if you are a new business and haven't made any profit yet does that change anything?
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.
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.
What other topics do you want me to cover when it comes to business taxes?
Is there an equivalent to an LLC of the US in Australia? If yes how does it work?
@@noonaleon We have companies in Australia.
Would you be able give a detailed deliberation of items that come under business expenses?
@@bradleyrichard3607 What do you exactly want to cover?
Second had cars
Could you do a vid on how content creators and artists navigate taxes in Australia?
Thanks for the suggestion! I'll add it to my list of ideas.
You have a great informative channel, I hope you keep making videos :)
Thank you! Will do!
You hit 10k well done
Thanks! Got there last week
you’ll reach 10k and more you deserve it.
Thnx mate
Thank you!
Super helpful videos mate, thank you!
No worries!
congrats on your 10k goal
Thanks!!
Does the info on having my ABN on the receipt apply if I buy a used car from a private seller?
Do you mean if you make a purchase of a car, should they list your ABN?
@@EthanRooshock yes because the receipt will just be made by the seller and not a dealer.
Shouldn't cause you any issues. Just make sure it states your name as the purchaser.@@stevewelsh__
@@EthanRooshock excellent cheers!
Can you do one on novated leases? It's really hard to tell at what salaries it makes sense and when it doesn't
Thanks for the suggestion. It is a bit of a tricky area as it can be very situation dependent.
Thank you for the video Ethan. Do you mind explaining chattal mortgage, hire purchase, lease or even commercial loans. And also is the interest on the loan tax deductible just like the principal. Thanks
No worries!
What exactly what you like to know? Main thing is any interest paid is claimable under the same methods as other running costs (assuming they are being used for work/business purposes)
@@EthanRooshock are there any pros/cons of the various loans available for vehicles for companies and sole traders
@@David-v7b7r Depends, lots of variables. Definitely a question to ask your tax agent.
Do you then need to add the depreciation back in when you sell or tradein a few years down the track.
Yeah if you've claimed an asset, the sale of that asset will normally be taxable.
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?
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.
legend! Thanks mate@@EthanRooshock
@@Flamamacue No worries!
Could you please do an updated video for this please mate 🤙
What do you want me to cover?
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?
Can be second hand as well
@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?
@@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.
Not bad 6000+ subs in nine months 🎉
Yeah things have grown nicely since this video!
if in a hypothetical case, I have 10 vehicles under my name and I rent them. What is the best way to formalize myself and how would taxes apply? What could I discount?
If you have 10 vehicles, you'd need to get some personal tax advice. It is a complex situation.
Are you in Victoria by any chance?
Based in Adelaide.
If its a partnership how would it work in that case, as there's 2 names?
Best to seek individual advice on this based on your state and the partnership agreement.
do you need to make a business DOT account and register it under the dot?
DOT?
It’s really helpful
But can you explain a bit in detail for the solo trader
What would you like to know?
How do you prove the business use and are there certain uses that they dont allow ? Also if you are a new business and haven't made any profit yet does that change anything?
Am I eligible to Claim a car as a sole trader through my small business that I just started ?
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.
How to get dealer license ?what is the application?
A what?
V informative 😊
Thanks! Glad you found it helpful!
Hey can you do a video on claiming Sports bet on tax, thanks
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.