Who said “Nothing is certain but death and taxes”? It’s the end of the financial year which means just about all of us are going through the annual pain of preparing tax lodgments.
If you use your vehicle for work or business purposes, you’ll be thinking about how you have used your car over the last year, and how it has performed. Depending on your type of tax claim, you might need to be reviewing:
- fuel and oil usage
- repairs and servicing costs
- interest on a motor vehicle loan
- lease payments
- insurance cover premiums
- registration costs
- depreciation (the decline in value)
Taking the time to look at what your car has cost you could well have you thinking about making some changes. If you’ve been spending a fortune on repairs and servicing costs, you might realise that it’s time to get rid of that old, slow and costly car. Continually tipping money into repairs on a junk car is frustrating and ultimately doesn’t make good financial sense.
If completing your tax return has helped you realise that you need to upgrade your car, then you should call us. We collect cars that have seen better days. We’ll come to you- just give us a call and we’ll meet you wherever the car is located. We collect cars Adelaide area and beyond.
Get rid of that gas guzzler!
The other type of problem you might identify is inefficiency with fuel. Lots of older cars are total gas guzzlers. Older cars run less efficiently than new ones, chewing up petrol and chewing a hole in your wallet. Even if you can claim some petrol expenses at tax time, it’s unlikely to help you recover the money wasted on petrol. Tax time is the time when a lot of people make the decision to call us- they are sick and tired of their old cars costing them an arm and a leg. So we come and get rid of those clunky old cars in Adelaide. We can offer same day collection and will give you cash for your car in Adelaide.
Top tips for tax time travel claims
The ATO website says that many people make errors when it comes to making claims about a car that is used for business and private use. If you do use your car for business, you have to clearly document and keep records about this usage. You can’t make claims related to private car use, but you can in terms of business travel. The best way to stay on top of this is to keep a logbook or diary to record business versus private travel. The other point to note is that travelling to and from your work is considered private travel, unless you are home-based business and your trip was for purposes related to your business.
Tax time refunds
The other thing we notice during tax time is that there are plenty of people who use their tax refunds to upgrade their vehicle. If you’ve got a bit of unexpected money coming back from the tax department- why not get a new car and get rid of the old one! There are lots of great deals on new and near new cars available mid-year. If you’re getting a new car, we can easily, painlessly and quickly get rid of your old one for you. We’ll give you a good price and you can get on with enjoying your new car!
Tax time is the right time to call us to take away your junk vehicle and get some extra cash to put towards a more efficient, comfortable and better car. Fill out the form on our website or give us a ring, and we can let you know what your junk car is worth. We’ll come and take it away, give you the cash for your old car and your tax time worries will be gone.