Jump to content
SAU Community

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

some_cs_student
 Share

Recommended Posts

some_cs_student Veteran

some_cs_student

Posted
Posted

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

Link to comment
Share on other sites
sewid Grand Master

sewid

Posted
Posted

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".

Link to comment
Share on other sites
AlexR34 Proficient

AlexR34

Posted
Posted

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.

Link to comment
Share on other sites
Miss Niz Rising Star

Miss Niz

Posted
Posted

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.

Link to comment
Share on other sites
AlexR34 Proficient

AlexR34

Posted
Posted
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:

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share
Go to topic listing


  • Similar Content

  • Latest Posts

    • MBS206
      Skid pans in/around Sydney?

      By MBS206 · Posted

      Maybe SAUNSW could see howany members would do a motorkhana day if Schofield's is still available for a reasonable price...
    • MBS206
      Skid pans in/around Sydney?

      By MBS206 · Posted

      Skip the concrete, we just need to smooth a field. Mark knows how to drive a grader Duncan   I reckon 100x100 flat area for skid pan style, and then some sort tracks for rally... Duncan's already got a rally car on the premises to...
    • GTSBoy
      PRP RB26 cast block + head prototype running

      By GTSBoy · Posted

      Well, yeah, the RB26 is definitely that far off the mark. From a pure technology point of view it is closer to the engines of the 60s than it is to the engines of the last 10 years. There is absolutely nothing special about an RB26 that wasn't present in engines going all the way back to the 60s, except probably the four valve head. The bottom end is just bog standard Japanese stuff. The head is nothing special. Celicas in the 70s were the same thing, in 4cyl 2 valve form. The ITBs are nothing special when you consider that the same Celicas had twin Solexes on them, and so had throttle plates in the exact same place. There's no variable valve timing, no variable inlet manifold, which even other RBs had either before the 26 came out or shortly afterward. The ECU is pretty rude and crude. The only things it has going for it are that the physical structure was pretty bloody tough for a mass produced engine, the twin-turbos and ITBs made for a bit of uniqueness against the competition (and even Toyota were ahead on the twin turbs thing, weren't they?) and the electronic controls and measuring devices (ie, AFMs, CAS, etc) were good enough to make it run well. Oh, and it sounds better than almost anything else, ever. The VR38 is absolutely halfway between the RB generation and the current generation, so it definitely has a massive increase in the sophistication of the electronics, allowing for a lot more dynamic optimisation of mapping. Then there's things like metal treatments and other coatings on things, adoption of variable cam stuff, and a bunch of other little improvements that mean it has to be a better thing than the RB26. But I otherwise agree with you that it is approximately the same thing as a 26. But, skip forward another 10 years from that engine and then the things that I mentioned in previous post come out to play. High compression, massively sophisticated computers, direct injection, clever measuring sensors, etc etc. They are the real difference between trying to make big power with a 26 and trying to make big power with a S/B50/54 (or whatever the preferred BMW engine of the week is).
    • V35_Paul
      Thinking of getting a Q50 300hp and just tuning it instead of getting the Q50 Red or 400R

      By V35_Paul · Posted

    • joshuaho96
      PRP RB26 cast block + head prototype running

      By joshuaho96 · Posted

      Is the RB26 actually that far off the mark? Honestly from where I'm sitting a VR38DETT is not actually that much more advanced than the RB26. Yes, there is a scavenge pump on the VR38, it's smarter in a number of ways but it's not actually jumping out to me as alien technology. Something like a B58 or V35A-FTS on the other hand has so many surprising little design features that add up to be something that just isn't comparable. 
×
×
  • Create New...