GST on Car Purchase
If supplier is register for GST, yes you can claim GST on Expenses. Subject to confirmation of payment, including tax invoice, loan contract, payment receipts etc.
You or Business can claim GST credits if the following conditions apply:
- You intend to use your purchase solely or partly for your business, and the purchase does not relate to making input-taxed supplies.
- The purchase price included GST.
- You provide or are liable to provide payment for the item you purchased.
- You have a tax invoice from your supplier or as mentioned above (for purchases more than A$82.50).
For 2021–22, the maximum GST credit you can claim is $5,521 (that is, 1/11 × $60,733), exclude VAN and other tradies car may claim more GST.
Interest on loan are deductible over time as & when paid.
Full Expensing eligibility include car as an depreciable asset if it 100% for business purpose usage as of purchase date.