If I sell my work ute, how does that affect my tax?
Ans (Tammy Griffin)
If you sell, trade in or write off a vehicle you are using for business or as an employee there may be an adjustment to include in your tax return.
If you are registered for GST there are also GST consequences.
If you’re thinking about selling make sure you contact your consultant before you sell so we can do the calculations and advise how it will effect you, whether it be in your favour or the tax mans.
If you or someone you know is in this situation please contact us on 3359 5244 or come into our Aspley office for further advice.