Accountant Explains: Lease, Finance or Buy a Vehicle or Asset For Your Business?
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Welcome to the Deep Dive series, where I cover tax and business topics on a deeper level and in more detail than my regular videos.
In this video, we're tackling a question that many business owners face: “Should you LEASE, FINANCE, or BUY OUTRIGHT a motor vehicle or equipment for your business?”
By the end of this video, you'll have the knowledge to make a strategic decision about vehicle acquisition that not only maximises your tax benefits but also aligns with your business goals!
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Chapters:
00:00 - Intro
00:52 - Option 1: Leasing
02:22 - Option 2: Financing
04:10 - Option 3: Purchasing Outright
05:48 - Pros & Cons of Leasing, Financing & Purchasing Outright
17:05 - Case Study: Calculating Depreciation, Interest & Total Tax Benefits
27:41 - Understanding Opportunity Cost
33:55 - Question 1: Purchasing A Luxury Car
39:16 - Question 2: Selling A Private Car and Purchasing Under Business
40:10 - Question 3: Car Tax Limit
41:54 - Question 4: Electric Vehicles & Fringe Benefits Tax
42:42 - Question 5: Logbook Method
46:44 - Question 6: Remortgaging VS Finance
49:15 - Question 7: Other Tax-Deductible Vehicle Expenses
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Thank you for watching this video. I post videos on this channel to provide the latest and most frequently asked business questions. Please take a second to say hi in the comments below. Also, if you enjoy the video and find it valuable, subscribe to the channel, like and share it with anyone who you think might find my channel useful!
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Davie has over 15 years experience in advising businesses in management accounting and taxation issues. He heads up a passionate team at Box Advisory Group who are dedicated to offering proactive and outstanding service to our clients.
Davie’s extensive experience in providing tax and consulting advice and astute business knowledge has paved the way for success for many businesses.
He is a member of the Chartered Accountants Australian and New Zealand, a member of the Australian Tax Practitioners Board and holds a Bachelor of Commerce degree from the University of New South Wales.
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Disclaimer:
This video is for informational purposes only and should not be considered financial or legal advice. This video does not take into consideration your personal circumstances. Consult with a qualified financial planner, tax advisor or legal consultant before making any decisions regarding investments.
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