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
- Tax Havens Require Political and Economic Stability to Flourish
Without political and economic stability, no amount of tax inducement can bring in outside investors. No company or individual, whether local or international, will Read more
- Tax Planning Strategy 153 | Junior Mineral Exploration Tax Credit
The Junior Mineral Exploration Tax Credit (JMETC) encourages non-mining investors to invest in exploration companies and help fund their exploration activity. The JMETC allows Read more
- Cook Islands
Capital city: Avarua Currency: New Zealand dollar (NZD) & Cook Islands dollar Population: Read more
- Trading with the Tax Haven’s Local Population
Many companies have established entities in tax havens as they operate trading businesses in those tax havens servicing the local population. Telstra, 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