Now Is The Time To Renew Your Ford Ute

[tinyplums]

check with your accountants first (I dont want to be responsible) but I believe there is or going to be a muppet (rudd) sponsored 30% rebate on any plant/equipment purchased for small business (than turns over less than 2mill a year)

so if your in the market to buy/renew/upgrade your ute, now is the time.

doing my bit to help out K-rudd with his bullsh*t stimulas packages, but this one might be worth getting your hands on.

Edited 01/04/09 12:49 AM by tinyplums

[ronburgundy]

Not strictly correct.

DISCLAIMER: None of this is law yet - nothing has been passed as legislation.

It's a 30% allowance which means it's an extra DEDUCTION rather than a rebate.

The CASH value of a 30% rebate then, if you're paying tax at a rate of 30% (ie a company), is 9%

But yes the Government is helping taxpayers foot the bill (to the tune of 9%) for ANY asset the buy between now and 30 June.

Must be NEW assets though guys. And it is available to ALL taxpayers, not just small or large.

Not just utes, any car or any asset for that matter.

[tinyplums]

I had the vibe of it, as I said check with your accountant first.

ron's got more of a grasp on it than me but something worth looking into, I believe its also going to be backdated to include stuff purchased after december 08, so my nov08 ute is not included (rudd did that deliberatley)

Edited 01/04/09 01:24 AM by tinyplums

[ronburgundy]

Yeah the initial announcement was for a 10% allowance back in December, which they've revised to 30% as part of the more recent stimulus package. I think I/we have mentioned this over in the Tougher Times Ahead thread.

Provided you can legitimately justify your car as a business expense yes this is absolutely an excellent time to get one. Perhaps even put the hard word on your employer to give you that work car you've been wanting!

BEWARE as I said this is not law, however we've received draft legislation which SPECIFICALLY EXCLUDES demo models. The asset must be completely new.

[Tornado 134]

Hello-interesting tread

The info I got from the tresuary website suggested that it was 30% of the cost of the asset less gst up to when the luxury car tax level kicks in-so max claim would be around $15500 mark

It also said that low km demo where ok

[ronburgundy]

We have monthly tax training (yes, that IS as boring as it sounds) and while I haven't personally seen the draft legislation, apparently it is accompanied by an Explanatory Memorandum; the ORIGINAL memo said demos were OK but apparently a recent revision says they're not. Might have a look see and get back to you

[tig]

Unfortunately already got the new ute, however guess what I am going to get, that's right two more tigwelders. God bless you Kevin. Still wont be voting for you though, sorry.

[sanzort]

Hey Guys,

This snipet was from the treasury.gov website and is current from 19th March 2009

Question 33 — Are ‘demonstrator’ vehicles eligible?

75. Demonstrator vehicles can qualify as ‘new’ assets provided they have only been used for reasonable testing and trialling.

[ZAP]

This was one reason I got a new car.

It is only claimable up to the LCT threshold, but it is still a decent amount that got it across the line with the CPA wife.

Anythign bought after 13/12/08 is claimable. For biz upto 2mil turnover the minimum is $1,000 for over 2mil it is $10k.

[sanzort]

This was one reason I got a new car.

It is only claimable up to the LCT threshold, but it is still a decent amount that got it across the line with the CPA wife.

Anythign bought after 13/12/08 is claimable. For biz upto 2mil turnover the minimum is $1,000 for over 2mil it is $10k.

Same for me. I was going to get a xr6t ute but opted to go the whole hog and grab a F6