Can I lease car and claim lease payments with my investment properties. I am planning on managing my properties myself.
You could probably claim a percentage of the running costs involved but would need to justify it with a log book etc.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
You may be hard pressed to justify this other than claiming a small percentage based on use.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Yeah unless your portfolio was substantial i think you would struggle making it worthwhile. Just get a crappy car that gets you from a to b and spend the rest on property
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
If you want a car, salary package with your employer. Keep a log book for usage for your IPs.
You might have more luck with a commercial vehicle, like a ute or a van. That's what we use at work so we get a full deduction, rather than have to use log books to justify usage percentages for sedans, and possible FBT consequences. Depending on the size and cash flow of you portfolio, your property investments could certainly pay for the car, but whether its actually deductible or not is another question. Otherwise, I agree with Dark Knight – there's plenty of older cars out there with low km's that still look fantastic and are cheap as chips to buy. My current drive is a 1996 black fairlane Concorde I picked up from the original owner for $3,000.
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