Australian Investors Podcast Is my Tesla tax deductible? Buying a car for work, giving yourself a "pay rise" & FBT explained [CROSS POST}
This is a special cross-posted episode of The Australian Investors Podcast - it comes directly from The Australian Business Podcast, Owen's favourite new series on starting, buying, owning and scaling private businesses.
About this episode
Danil just had a baby (congrats!), Jordan just bought a Tesla, and Owen... also placed an order for a Tesla (even though he LOVES his banged-up old Subaru).
Almost every person or business owns a vehicle for business and private use. And too many think a car is 100% tax deductible - which is not often the right answer.
In this episode, Owen, Danil and Jordan explain:
- How to work out if your car is tax deductible
- Why does it make sense to buy a base model Tesla with ATO rules? (Check Luxury Car Tax)
- What does Fringe Benefits Tax (FBT) means and how to calculate it
- How to calculate depreciation on your car using the logbook
- How to do a logbook and remind yourself
- How much can tradies claim on their car?
- Can office workers claim the cost of a car?
Subscribe to the Australian Business Podcast:
Apple podcasts: https://podcasts.apple.com/au/podcast/australian-business-podcast/id1551250845
Spotify: https://open.spotify.com/show/3044vSU0er64EdV1e4Pzrc
Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5tZWdhcGhvbmUuZm0vYXVzdHJhbGlhbi1idXNpbmVzcy1wb2RjYXN0
Other channels: https://www.raskmedia.com.au/podcasts/australian-business-podcast/
~~ Resources ~~
ATO page on electric vehicles: https://www.ato.gov.au/Business/Fringe-benefits-tax/Types-of-fringe-benefits/fbt-on-cars,-other-vehicles,-parking-and-tolls/electric-cars-exemption/
Ask a question: https://bit.ly/3QtiY00
Grey Space website: http://bit.ly/3DG5lWS
Free business course: https://bit.ly/rask-biz-course
Owen Rask's business coaching (beta): https://bit.ly/coach-owen
This Australian Business Podcast Episode is for founders, business owners and investors in private companies.
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If you liked this episode, don’t forget to consider taking our free business course and tuning into the Australian Business Podcast episode one, in which I shared my journey.
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✅ Grey Space Advisory – accounting today for a smarter tomorrow
Do you get stuck worrying about your business’ finances? Or what needs to be paid to ATO, employees, Super funds and so on? The Australian Business Podcast is proud to announce that our sponsor, Grey Space Advisory, is offering all business owners a financial health check.
Jordan and Danil’s expert team of accountants will conduct a review of your tax structure, bank set-up, ATO obligations and reporting, business insurance and provide some advice on how to manage all of this — for just $99! Book a $99 business health check with the Grey Space Advisory team and tell them Owen sent you.
☕️ Rumble Coffee Roasters — our OG sponsor & coffee genius!
Rumble Coffee Roasters is dedicated to helping you drink better coffee. Knock-out blends, world-class single origins, bold espressos and flavour-filled filter roasts. Rumble Coffee prides itself on personal relationships with producers and customers alike. Tell them Rask sent you.
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The information on this website and in our podcasts is general financial and tax information only. That means, the advice does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser or tax agent.
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