All Topics / The Treasure Chest / Is trading as company better ?

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  • Profile photo of Most excellentMost excellent
    Member
    @most-excellent
    Join Date: 2003
    Post Count: 100
    August 17, 2003 - 6:35 pm

    Hiya all,

    I’m curious, are most people trading under company, their own entity or both ? Even even another method of trade ? Also I’m about to buy a new car, can I use this as a tax deduction for my investment properties under my entity only on the mortgage ? I know it would be okay if trading under company.

    Regards
    Michael

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 19, 2003 - 4:02 am

    Michael

    using a company is not a good idea if buying property. No CGT discount. Using a trust is much better in my opinion.

    Ig you use your car for income related purposes (such as viewing properties etc), you can claim part of the expenses as a deduction. Have a look in the tax pack for more details. A company get buy or lease the car, but if you use it for personal trips you will be required to pay FBT (I think).

    Terryw
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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