Australian Business Podcast, Podcasts

Is my Tesla tax deductible? How to work it out, buying a car for work, giving yourself a “pay rise” & FBT explained

Is my Tesla car tax deductible in Australia? On The Australian Business Podcast, Owen, Jordan and Danil tackle whether or not cars are tax deductible.

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Is my Tesla, Hilux or any car tax deductible?

On The Australian Business Podcast this week (don’t forget, we go live twice a week), I — Owen Rask — spoke with experienced small business accountants (and my co-hosts) Danil Goloubev and Jordan Kidis about whether, or not, cars are tax deductible.

Podcast show notes for Is My Tesla Tax Deductible?

Danil just had a baby (congrats!), Jordan just bought a Tesla, and Owen… also placed an order for a Tesla (even though he LOVES his banged-up old Subaru).

Almost every person or business owns a vehicle for business and private use. But too many people think a car is 100% tax deductible – which is often not the right answer!

In this episode, Owen, Danil and Jordan explain:

How to work out if your car is tax deductible
Why does it make sense to buy a base model Tesla (Model 3) with recent ATO rules?
What does Fringe Benefits Tax (FBT) mean and how to calculate it (most people get really confused, even finance people — but this could save business owners $10k, $20k or more if done right!)
How to calculate depreciation on your car using the logbook
How to do a logbook and remind yourself
How much can tradies claim on their car?
Can office workers claim the cost of a car?

Be sure to send us your questions for next week! and select “Australian Business Podcast.

Send us your business questions for this weekend’s episode

Anyone can send us questions… that means you! Click here send Jordan, Danil and Owen a question to answer on air. Just select “The Australian Business Podcast” when prompted.

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Australian Business Podcast resources

ATO guidance on electric cars exemption
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Grey Space Advisory – snag a $100 health check

Do you get stuck worrying about your business’ finances? Or what needs to be paid to ATO, employees, Super funds and so on? The Australian Business Podcast is proud to announce that our sponsor, Grey Space Advisory, is offering all business owners a financial health check.

Jordan and Danil’s expert team of accountants will conduct a review of your tax structure, bank setup, ATO obligations and reporting, business insurance and provide some advice on how to manage all of this — for just $99! You can book a $99 health check with the Grey Space Advisory team and tell them Owen sent you.

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Rask – Get Owen’s best investing research

The Australian Business Podcast’s official sponsor is Rask, our very own company. We empower hundreds of thousands of investors around Australia, whether you’re new or have been investing for 40 years. You can take an investing course on Rask Education to discover how Owen carefully researches small or blue chip companies, or become a premium Rask member today to speak directly with Owen and see what he is investing in.

As Warren Buffett famously said, “I am a better investor because I am a businessman, and a better businessman because I am no investor.”

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Companies mentioned:

Tesla Inc (NASDAQ:TSLA)

Other episodes:

Matt & Liz Raad on buying websites for 3x profit

Investment scams (and how to avoid them) with scam fighter Wadzanai Nenzou

10 questions to improve your relationship with money

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