Capstone Automotive Repair: Boost Your Repair Shop with Expert Financial Guidance
Wondering if vehicle maintenance charges can offer you tax relief?
At Capstone Tax Advisors, we’re here to clarify! If you’re steering a business and frequently hit the road for work-related tasks, the Australian Tax Office (ATO) offers some respite. You could factor in your car’s repair expenses into your federal tax considerations.
However, Capstone Tax Advisors always urge our clients to be well-acquainted with the specifics. Regular drives between your home and office? Unfortunately, that doesn’t make the cut. You’re in the clear for deductions when you’re on the move for after-hours tasks or zipping between different business venues. Struggling to track these expenditures? Turn to the cents per kilometre approach or the logbook method. For a streamlined experience, we recommend the myDeductions feature in the ATO app.
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Curious about what car-associated expenses Capstone Tax Advisors can help you claim?
Here’s a glance:
- Topping up on fuel and oil
- Repair charges
- Accounting for vehicle value depreciation
- Lease installments (keeping the lease inclusion figure in check)
- Costs for official vehicle registration and licensing
- Gasoline expenses
- Routine upkeep
- Premiums for car insurance
At Capstone Tax Advisors, we often find clients contemplating the mileage-based deduction model.
Here’s how it works:
If your car wears multiple hats – for personal trips and business commitments – allocate expenses accordingly. For instance, if business drives make up 60% of your total mileage, then claim deductions on that 60%. Our suggestion? Keep a close watch on your annual drives to get your deductions just right.
At Capstone, we pride ourselves on ethical, precise, and strategic tax advice! Our dedicated team of tax professionals is here to ensure you navigate the complex world of automotive repair finances with confidence and maximize your tax benefits. Let us help drive your success!
