Can someone explain to me in very simple terms, how you buy a car with an ABN??
I'm looking at a second hand car and someone asked me, why aren't you buying it through your (and my husbands) ABN?? We do have a small buisness but I thought buying with an ABN was something to do with loans and new cars for buisness purposes?? Car will be used for some buisness and my own personal use and he has an appointment with our accountant this month to discuss.
Sorry, I'm confused and google wasn't any help lol
Thanks all!
Buying car with ABN
Buying car with ABN
Posted in:
IM's In Business
3 Replies
You buy it the same way as a normal car but you register it as business use not personal. Your accountant will tell you how to do it all properly, you have to have an appropriate car for your business example if you have a delivery business they aren't going to let you have a new mustang as a business car. You have to keep a log book and record your business related travel. Positives are it can bring your income down, negatives are it belongs to your business if it goes bust your car goes with it.
You need to talk to your accountant.
Oh gee... thanks...
Clearly says I have an appointment, just wanting a bit of an idea about it all...