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Claiming Gst Back On The Tax Return (after Importing A Car)

some_cs_student
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some_cs_student Veteran

some_cs_student

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Hi,

Apologies if this is off-topic, I'm not quite sure where to ask so I thought here would be a good start :D

I've seen it mentioned that after importing a vehicle from Japan, and paying customs and GST on the car, you are able to claim back the GST component in your tax return.

I assume that the claim must be made in the year that the GST/import tax was charged?

In my case I'm close to finishing my tax return and my car started the customs process last financial year, but by the time I get the bill it will be well into this financial year (hopefully soon).

Do I have to claim the GST back next tax return?

Also, does anyone have an idea *where* on the tax return you claim this back? Currently I'm not employing an accountant so I thought I'd ask here before I start asking the tax office.

Regards,

Gareth

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sewid Grand Master

sewid

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Nope.

If you used the car for work last financial year then there is something you can claim back but if you don't know what you're doing you will need an accountant or at the very least an income tax "professional".

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AlexR34 Proficient

AlexR34

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If you payed GST on the car then you can claim it, now you need to work out how much of it you can claim. If its a business vehicle you can claim all of the gst, and when you sell it you have to pay gst on the sale price back to the taxation office.

In simple terms, if you have an abn and its a work vehicle yes you can, if its private I think you can only claim some little things.

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Miss Niz Rising Star

Miss Niz

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If you are registered for GST ie have an ABN, you may be able to claim the GST back for capital expenditure if it is a work vehicle for your business. The customs GST would be included in the cost of the vehicle and depreciated through your business.

If you are an individual, for tax purposes, and use the vehicle for work (other than driving just to and from work) you can use one of the four methods for motor vehicles, eg depreciation, cents per km, logbook or 1/3 expenses.

Best to double check with a tax agent though.

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AlexR34 Proficient

AlexR34

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If you are registered for GST ie have an ABN, you may be able to claim the GST back for capital expenditure if it is a work vehicle for your business. The customs GST would be included in the cost of the vehicle and depreciated through your business.

If you are an individual, for tax purposes, and use the vehicle for work (other than driving just to and from work) you can use one of the four methods for motor vehicles, eg depreciation, cents per km, logbook or 1/3 expenses.

Best to double check with a tax agent though.

Thats correct, i remeber now :glare:

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