Sole Trader Motor Vehicle Expenses 10 Things You Should Do In Sole Trader Motor Vehicle Expenses

Motor Vehicles: What is claimable and what is not



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Author: Michael Levertoff



Bringing a agent into your business

Whether you already accept a agent that you use in the business that is not currently on the books, or acquirement a new vehicle, NZ Accounting can abetment you in the action of introducing that agent into the business and convalescent the adapted bulk of GST aback on the acquirement amount as able-bodied as the advancing associated costs.



Calculating the business allocation of agent active costs

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If you are a sole banker or in a affiliation and you use your own agent in the business, you can affirmation the active costs for assets tax.

If you use the agent carefully for business, you can affirmation the abounding active costs, after authoritative any adjustments.

If you use the agent to biking from home to work, or any claimed travel, you will charge to abstracted the active costs of your agent amid business and clandestine use. (Travel amid home and assignment is not classed as business use.)

When a aggregation owns a car, it claims all the costs after authoritative a clandestine use adjustment. However, the aggregation charge pay binding annual tax if the agent is accessible for employees’ or shareholder-employees’ clandestine use. The aggregation will additionally accept to annual GST on the binding annual (see our binding annual tax (FBT) area beneath Businesses).

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Working out adjustments

If your agent is aggregate amid claimed use and business use, you may affirmation up to 25% of the agent active costs as a business amount by default. However, you could be asked to actualize the allotment claimed.

If you ambition to affirmation added than 25% of all agent costs, you charge accumulate a logbook for at atomic three months every three years. You will charge to almanac the distance, date and acumen for the cruise in the logbook. You can use the aberration amid the odometer readings at the alpha and end of the three months to assignment out the allotment of agent costs you can claim.

FBT

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The afterward accepted attempt administer to binding annual tax on motor vehicles:

If a aggregation owns a vehicle, as continued as a agent is accessible for clandestine use (for example, biking amid home and work) by your employees, including shareholder-employees, you charge pay binding annual tax. Your accountability does not depend on whether the advisers absolutely use that vehicle.

Sole traders or ally in a affiliation are not adapted to pay binding annual tax on a business agent they use privately. However, they usually almanac their business use of the vehicle, as they charge accomplish an adapted acclimation in their assets tax and GST returns.

Inland Revenue Breadth Rates

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Alternatively, you may use your logbook annal to affirmation aback Inland Revenue breadth ante on your vehicle.

GST

All GST paid on the acquirement amount and active costs of cartage is claimable.

Depreciation

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A vehicle’s acquirement amount cannot be claimed in one agglomeration sum. Cartage abate over a cardinal of years according to accepted Inland Revenue rates.

It is important that you booty this into application aback purchasing a agent – because you’ll be advantageous tax on the money you use to buy a agent in the year of acquirement and claiming that money aback in abrasion over a cardinal of years. Accomplish abiding you’ve taken the tax you’ll accept to pay on that sum into account.

Financing all or allotment of the acquirement amount of the agent may be a bigger advantage than advantageous banknote for your business vehicle.

sources: http://www.business.govt.nz/compliance/business-tax/business-income-tax/claim-business-expenses-for-the-use-of-a-private-vehicle | http://www.ird.govt.nz/business-income-tax/expenses/mileage-rates/| http://www.ird.govt.nz/fbt/categories/motor-vehicles/

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Michael Levertoff

Client Services and DeliveryNZ Accounting

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