[looney]

But surely if there is time in between and you don't sell it to yourself for $1 but a price comparable to others locally on the market (didn't i see further up in the thread comments of $150k) you're not really doing the wrong thing. Are you not alowed to decide to make a car your own personal vehicle?

[goober]

But surely if there is time in between and you don't sell it to yourself for $1 but a price comparable to others locally on the market (didn't i see further up in the thread comments of $150k) you're not really doing the wrong thing. Are you not alowed to decide to make a car your own personal vehicle?

there are benefits on both accords, if it is personal ownership then you have CGT free, any expenses on the vehicle for maintenance etc are payable after tax money, meaning with money in your pocket and no deductibles, that is if you follow the tax act correctly.
If you have the vehicle is in a company or trust you can claim expenses on the vehicle as a deduction and when sold you will have to pay 30% company tax on the profit.
if you rent the vehicle out for hire/ reward you can claim the expenses and depreciation up to 40% per annum (this rate is set by the legislators) hence you say buy a 430 for say 160k, after the first year its real on the book value is 96k, the second year is 57k and third year is 34k, thus you sell the car for say 100k after 3 years and nett a 65K profit of which you pay tax on that rate at 30%. If the vehicle dramatically increases in value then you have a larger tax issue to deal with. On the swings and roundabouts it just comes down to what suits your and your company's need.
Disclaimer: I'm not a lawyer or chartered accountant, seek advice from a professional and mine is only an opinion after 35 years in the business.

[360c]

http://www.ebay.com/itm/Ferrari-308-GTB-1977-ferrari-308-gtb-euro-drysump-new-/261767233648?forcerrptr=true&hash=item3cf28b0070&item=261767233648&pt=US_Cars_Trucks&rmvSB=true

 

It's not even a glass car.

FWIW there are quite a few mistakes in the resto that are visible to those who know what to look for.

[andecorp]

If you have the vehicle is in a company or trust you can claim expenses on the vehicle as a deduction and when sold you will have to pay 30% company tax on the profit.

That's what I thought too until the audit last year. The ATO said that is treating the cars like trading stock, but since they are investments (producing a profit at sale time), no claims against them can be made until they are sold.

[B2]

http://www.ebay.com/itm/Ferrari-308-GTB-1977-ferrari-308-gtb-euro-drysump-new-/261767233648?forcerrptr=true&hash=item3cf28b0070&item=261767233648&pt=US_Cars_Trucks&rmvSB=true

 
It's not even a glass car.

But it has the dry sump engine.

[Aircon]

http://www.ebay.com/itm/Ferrari-308-GTB-1977-ferrari-308-gtb-euro-drysump-new-/261767233648?forcerrptr=true&hash=item3cf28b0070&item=261767233648&pt=US_Cars_Trucks&rmvSB=true

 

It's not even a glass car.

FWIW there are quite a few mistakes in the resto that are visible to those who know what to look for.

I posted that a couple of days ago....I was pretty sure it would bring a big smile to Brett's face.

I think it looks great, and you probably couldn't buy a car and do that resto for that price! (not that that makes it worth it)

[360c]

I posted that a couple of days ago....I was pretty sure it would bring a big smile to Brett's face.

I think it looks great, and you probably couldn't buy a car and do that resto for that price! (not that that makes it worth it)

It looks great for sure; but if you were going to go balls out like that you would think that they would get the details right.

Hate to think what a resto to that level costs in the states; but here that would be $150k +

[Aircon]

It looks great for sure; but if you were going to go balls out like that you would think that they would get the details right.

Hate to think what a resto to that level costs in the states; but here that would be $150k +

I didn't pick up on anything, but you know what I'm like.

[mondi]

It looks great for sure; but if you were going to go balls out like that you would think that they would get the details right.

Hate to think what a resto to that level costs in the states; but here that would be $150k +

In the states??? Bout $4k.......

[anotherforumuser]

In the states??? Bout $4k.......

Mexico?