Tax Planning Strategy 172 | Antique, Veteran or Vintage Car
The purchase of an antique, veteran or vintage car for use in a business will provide the normal depreciation and operating deductions. This will be subject to the luxury car limit and log book obligation for business use.
Motor vehicles, including antique, veteran & vintage cars, are exempt from capital gains. This is a win for collectable car owners as collectable cars have shown to appreciate in value over time. This is directly contrasted with the average motor vehicle which eventually ends up pretty worthless.
Similar posts you may like
- Liberia
Capital city: Monrovia Currency: Liberian dollara (LRD) Read more
- Tax Savings Strategy 203 | Granny Flats
A granny flat is a self-contained secondary dwelling built on a residential property. Granny flats must be self-contained with their own kitchen, bathroom, and Read more
- Home office fixed rate method
If an employee or investor uses their home office for work or investment-related purposes, they can claim 67 cents per hour under the fixed Read more
- Asset Protection
The Cook Islands claims to be the first country to have enacted an explicit asset protection law (in 1989 with its International Trusts Act). Read more
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2