How to Purchase a Car Through Your Business in Australia

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  • Опубліковано 30 січ 2025

КОМЕНТАРІ • 62

  • @EthanRooshock
    @EthanRooshock  Рік тому +7

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

    • @noonaleon
      @noonaleon 10 місяців тому +1

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

    • @EthanRooshock
      @EthanRooshock  10 місяців тому +1

      @@noonaleon We have companies in Australia.

    • @bradleyrichard3607
      @bradleyrichard3607 5 місяців тому

      Would you be able give a detailed deliberation of items that come under business expenses?

    • @EthanRooshock
      @EthanRooshock  5 місяців тому

      @@bradleyrichard3607 What do you exactly want to cover?

    • @Bill-mk2ud
      @Bill-mk2ud 17 днів тому

      Second had cars

  • @squadtvofficial
    @squadtvofficial Рік тому +9

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

    • @EthanRooshock
      @EthanRooshock  Рік тому +5

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

  • @noonaleon
    @noonaleon 10 місяців тому +1

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

  • @simonm1528
    @simonm1528 11 місяців тому +3

    You hit 10k well done

  • @gabrielg1928
    @gabrielg1928 Рік тому +1

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

  • @blaineok
    @blaineok Рік тому +4

    Super helpful videos mate, thank you!

  • @stanleychawner6458
    @stanleychawner6458 8 місяців тому +1

    congrats on your 10k goal

  • @stevewelsh__
    @stevewelsh__ Рік тому +1

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

    • @EthanRooshock
      @EthanRooshock  Рік тому

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

    • @stevewelsh__
      @stevewelsh__ Рік тому +1

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

    • @EthanRooshock
      @EthanRooshock  Рік тому +1

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

    • @stevewelsh__
      @stevewelsh__ Рік тому +1

      @@EthanRooshock excellent cheers!

  • @Nerdificationing
    @Nerdificationing Рік тому +2

    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
      @EthanRooshock  Рік тому

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

  • @David-v7b7r
    @David-v7b7r 4 місяці тому +1

    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

    • @EthanRooshock
      @EthanRooshock  4 місяці тому

      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)

    • @David-v7b7r
      @David-v7b7r 4 місяці тому

      @@EthanRooshock are there any pros/cons of the various loans available for vehicles for companies and sole traders

    • @EthanRooshock
      @EthanRooshock  4 місяці тому

      @@David-v7b7r Depends, lots of variables. Definitely a question to ask your tax agent.

  • @antonio_travels
    @antonio_travels 7 місяців тому +1

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

    • @EthanRooshock
      @EthanRooshock  7 місяців тому

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

  • @Flamamacue
    @Flamamacue 11 місяців тому +2

    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
      @EthanRooshock  11 місяців тому

      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
      @Flamamacue 11 місяців тому +1

      legend! Thanks mate@@EthanRooshock

    • @EthanRooshock
      @EthanRooshock  11 місяців тому

      @@Flamamacue No worries!

  • @joshmellen9647
    @joshmellen9647 8 місяців тому +1

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

  • @wokitlikeyoutalkit5619
    @wokitlikeyoutalkit5619 8 місяців тому +1

    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
      @EthanRooshock  8 місяців тому +1

      Can be second hand as well

    • @wokitlikeyoutalkit5619
      @wokitlikeyoutalkit5619 8 місяців тому

      @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
      @EthanRooshock  8 місяців тому +1

      @@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.

  • @jamesporter4897
    @jamesporter4897 10 місяців тому +1

    Not bad 6000+ subs in nine months 🎉

    • @EthanRooshock
      @EthanRooshock  10 місяців тому

      Yeah things have grown nicely since this video!

  • @alejandroromerobermudez2935
    @alejandroromerobermudez2935 4 місяці тому

    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?

    • @EthanRooshock
      @EthanRooshock  4 місяці тому

      If you have 10 vehicles, you'd need to get some personal tax advice. It is a complex situation.

  • @KISSMYASSEVERY1
    @KISSMYASSEVERY1 3 місяці тому +1

    Are you in Victoria by any chance?

  • @agetube83
    @agetube83 Рік тому +1

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

    • @EthanRooshock
      @EthanRooshock  Рік тому

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

  • @sebserrano
    @sebserrano 6 місяців тому +2

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

  • @sushilkshetri8458
    @sushilkshetri8458 6 місяців тому +1

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

    • @EthanRooshock
      @EthanRooshock  6 місяців тому

      What would you like to know?

    • @MasonHotstone
      @MasonHotstone Місяць тому

      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?

  • @treypeni1662
    @treypeni1662 Рік тому +1

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

    • @EthanRooshock
      @EthanRooshock  Рік тому +1

      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.

  • @sorayav.f1210
    @sorayav.f1210 Рік тому

    How to get dealer license ?what is the application?

  • @jamesporter4897
    @jamesporter4897 10 місяців тому +1

    V informative 😊

    • @EthanRooshock
      @EthanRooshock  10 місяців тому

      Thanks! Glad you found it helpful!

  • @benbrown3862
    @benbrown3862 Рік тому +2

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

    • @EthanRooshock
      @EthanRooshock  Рік тому

      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.