Uber - Instant Asset Write-Off

Discussion in 'Business Accounting, Tax & Legal' started by ABlondie, 5th Dec, 2017.

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  1. ABlondie

    ABlondie Member

    Joined:
    20th Nov, 2015
    Posts:
    6
    Location:
    Sydney
    Hi all,

    I am a new Full time Uber driver. I bought my car in Jan 2017 for $14,000 but only started driving Uber in Oct 2017 (50% private 50% business). Can i still claim the instant asset write-off for that car in 2017-2018 year tax? If not, how is depreciation calculated?

    Also if i purchase another car now and use both for Uber (50 private/50 business). Can i claim asset write-off (given it meets criteria), expenses etc.. on both cars?
    Thanks,
     
  2. KrustyDaPizza

    KrustyDaPizza Well-Known Member

    Joined:
    13th Jan, 2018
    Posts:
    63
    Location:
    Earth
    Yeah, but you may want to delay claiming deductions until you reach a higher tax bracket? This way you can maximise the tax benefits. Depends also if instant asset write off is mandatory or if you can choose yearly depreciation method. Need further advice from a tax accountant.
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
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    Location:
    Australia wide
    Possibly can claim, but would need to apportion for private use.
     

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