$20K Instant Asset Write off - Buying a 2nd Hand Car through a Private Seller
Last edited 06/03/2018 - 16:00
I am exploring whether we can take advantage of the 20K instant tax write off by replacing our family car.
My partner would use it 3 days a week for travelling to see her clients in the CBD and we are aware that we would only therefore claim against 43% of the value.
Her business is not registered for GST so the maximum value of the car we can look to buy is $19,417.48 + stamp duty @ 3%.
If we found a privately advertised car close to - but above- this amount and could not get them to the above magic number, what is to stop us from having the owener receipt the car to that amount and then paying them a side amount to the difference? I am not saying we plan on doing this at all, but am curious to know having never bought privately here if there is anything other than good morals preventing this.
Thank-you in advance.