Probably a silly question, but.... As Scarlet might not ship until Jan/Feb if I read the ASIC issue correctly, is there some way to buy it, or an option on it, in this tax year, in a fashion that it could be written off as 'Section 197' for tax year 2009? Who knows, I may not have income in this next year to write off? I'm sold on the dream, if I can just sign up!
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Would it be possible to buy an option on a Scarlet in this tax year?
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Steve Power
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Might not ship until Jan/Feb? ...You are being overly optimistic I think.
rod bradley
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Hyperbolic optimism for sure!
But we hope, of course, it is not misplaced.
Miracles have been reported throughout the course of human history!
But we hope, of course, it is not misplaced.
Miracles have been reported throughout the course of human history!
jimhare
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Pretty sure the answer is no unfortunately. :furious3:
They can't give you a tax receipt for something they haven't sold you. Even if you dump money in a Red account it's just that - dumped, waiting to buy something.
They can't give you a tax receipt for something they haven't sold you. Even if you dump money in a Red account it's just that - dumped, waiting to buy something.
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Pawel Achtel
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Not sure about that. My accountant is telling me that a deposit counts as a capital expenditure, but then, he is very creative :angelsad2:
jimhare
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I once asked my accountant if we went to jail together whether he would look after my affairs on the inside... :devil:
I was first going to say that if you aren't concerned about being audited, then go for it!
arty:
I was first going to say that if you aren't concerned about being audited, then go for it!
arty:
Tom Gleeson
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Australian Tax regs
Australian Tax regs
Since an australian tax year is from June to July the following year I assume the original question is related to the additional tax deduction of 50 per cent which is part of the Stimulus package and finishes at the end of December this year.
Check out http://www.ato.gov.au/taxprofessionals/content.asp?doc=/content/00175431.htm
and I quote:
"An additional tax deduction of 50 per cent of the cost of eligible new tangible depreciating assets where the business commits to investing in the asset between 13 December 2008 and 31 December 2009 and first uses the asset, or installs it ready for use, or (in the case of new investment in an existing asset) brings the asset to its modified or improved state on or before 31 December 2010"
Speak to an accountant but from what I read your OK as long as your Scarlet by the end of next year.
Australian Tax regs
Since an australian tax year is from June to July the following year I assume the original question is related to the additional tax deduction of 50 per cent which is part of the Stimulus package and finishes at the end of December this year.
Check out http://www.ato.gov.au/taxprofessionals/content.asp?doc=/content/00175431.htm
and I quote:
"An additional tax deduction of 50 per cent of the cost of eligible new tangible depreciating assets where the business commits to investing in the asset between 13 December 2008 and 31 December 2009 and first uses the asset, or installs it ready for use, or (in the case of new investment in an existing asset) brings the asset to its modified or improved state on or before 31 December 2010"
Speak to an accountant but from what I read your OK as long as your Scarlet by the end of next year.