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Uber - Instant Asset Write-Off

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

  1. ABlondie

    ABlondie New Member

    Joined:
    20th Nov, 2015
    Posts:
    2
    Location:
    Sydney, NSW
    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. Lucky Lad

    Lucky Lad Member

    Joined:
    14th Feb, 2018
    Posts:
    5
    Location:
    The Matrix
    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. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    885
    Location:
    Sydney
    Possibly can claim, but would need to apportion for private use.