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Should you own a car through your business?
Manage episode 404854040 series 3363549
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In this episode, Stuart and Mena dive into a critical question: Should you own a car through your business?
Building on a previous discussion from March 2023 (S03-E09), they dissect the pros and cons of business ownership versus personal purchase. The episode delves into pivotal considerations like whether to register the car under your business name, exploring complexities such as GST implications and the potential for losses or gains upon sale.
Additionally, they unravel the intricacies of Fringe Benefits Tax (FBT) and weigh the merits of different vehicle types, from utes to electric vehicles to conventional cars. The discussion extends to financial strategies, weighing the benefits of borrowing against leasing or mortgage loans while factoring in borrowing capacity considerations.
This episode offers a comprehensive examination of a crucial decision many entrepreneurs face, providing invaluable insights to guide listeners towards informed choices regarding their business vehicle ownership.
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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.
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