EnricoPalazzo Member 84 Member For: 19y 9m 9d Posted 03/02/10 11:43 PM Share Posted 03/02/10 11:43 PM Agree with Benny.I doubt you can claim mods as deductible as you cannot relate this to a work purpose.If you do try, good luck, dont cry when you get audited. Link to comment https://www.fordxr6turbo.com/forum/topic/65732-fg-xr6t-3k-to-spend/page/2/#findComment-977914 Share on other sites More sharing options...
ronburgundy I love gooold member Donating Members 1,222 Member For: 16y 4m 25d Gender: Male Location: Melbourne (west) Posted 03/02/10 11:50 PM Share Posted 03/02/10 11:50 PM Surely you're just replacing parts that may not be currently functioning correctly and thus it's a repair...!And uh, the mere doing of something 'dodgy' doesn't automatically mean you'll be audited Link to comment https://www.fordxr6turbo.com/forum/topic/65732-fg-xr6t-3k-to-spend/page/2/#findComment-977917 Share on other sites More sharing options...
tab Sucker Moderating Team 32,303 Member For: 21y 1m 3d Gender: Male Location: Brisbane Posted 04/02/10 03:08 AM Share Posted 04/02/10 03:08 AM You can claim anything you want....justifying it when there's a knock on the door a couple of years later on the other hand might be a struggle! Link to comment https://www.fordxr6turbo.com/forum/topic/65732-fg-xr6t-3k-to-spend/page/2/#findComment-977952 Share on other sites More sharing options...
power_slide Hitting the apex Donating Members 596 Member For: 16y 7m 10d Gender: Male Location: Miranda Posted 04/02/10 03:55 AM Share Posted 04/02/10 03:55 AM Better fuel economy could be a deductionadvertising could possibly go if you put signage on the car and took it to the track Link to comment https://www.fordxr6turbo.com/forum/topic/65732-fg-xr6t-3k-to-spend/page/2/#findComment-977959 Share on other sites More sharing options...
Skidude Member 115 Member For: 15y 8m 20d Gender: Male Location: Penrith, NSW Posted 04/02/10 05:05 AM Author Share Posted 04/02/10 05:05 AM I'm not an accountant but.... if you buy a car brand new and upgrade the wheels from standard by ticking the box, those wheels form part of the value of the depreciating asset. I see no difference in the fact that I have added the wheels & tyres after original purchase. I think they would just form part of the value (although I got the receipt made out as tyres only just in case). Link to comment https://www.fordxr6turbo.com/forum/topic/65732-fg-xr6t-3k-to-spend/page/2/#findComment-977965 Share on other sites More sharing options...
ronburgundy I love gooold member Donating Members 1,222 Member For: 16y 4m 25d Gender: Male Location: Melbourne (west) Posted 04/02/10 05:21 AM Share Posted 04/02/10 05:21 AM <---- Resident forum accountant Link to comment https://www.fordxr6turbo.com/forum/topic/65732-fg-xr6t-3k-to-spend/page/2/#findComment-977969 Share on other sites More sharing options...
EnricoPalazzo Member 84 Member For: 19y 9m 9d Posted 04/02/10 11:45 AM Share Posted 04/02/10 11:45 AM Tyres would be tax deductible as they are a running cost of the vehicle. Not sure about the wheels.I wouldnt risk it. In the grand scheme of things, if you claim depreciation of vehicle, running costs (fuel, oil, insurance, rego), interest on loan inc setting up costs and any maintanance (service, tyres, repairs), that works out to heaps.If you are on a avg salary of 50-60k, you will most likely not be able to drop to a lower tax bracket so adding other things which are questionable is a stupid move. For example, adding a set of wheels (no tyres) may get you another $50-70 return probably. Adding all mods to car (avg 3-4k) will maybe net max $500.I personally wouldnt bother as the likelyness of you being audited will increase.You dont think the ATO wonder why a $50k car required $6k of maintainance in 1 year......Anyway good luck to you. better keep those receipts for 7 years! Link to comment https://www.fordxr6turbo.com/forum/topic/65732-fg-xr6t-3k-to-spend/page/2/#findComment-978144 Share on other sites More sharing options...
ronburgundy I love gooold member Donating Members 1,222 Member For: 16y 4m 25d Gender: Male Location: Melbourne (west) Posted 04/02/10 08:49 PM Share Posted 04/02/10 08:49 PM OK... here's a reality bomb for you.The likeliness will NOT increase. Or at least, it is fairly unlikely to increase.Many people who receive a car allowance spend MORE than that amount. It's quite common.The Tax Man has no business telling you how much you can spend on a car - it's like when people buy say a $200 pen for work. They can claim it as a tax deduction because it relates to work, even though the 'normal' person might think it excessive.Also, the kays you do in the car needs to be business-related for you to claim them, regardless of whether you receive the allowance or not. To and from work is NOT business related. Link to comment https://www.fordxr6turbo.com/forum/topic/65732-fg-xr6t-3k-to-spend/page/2/#findComment-978205 Share on other sites More sharing options...
R-SPEC You are a dead set goose Silver Donating Members 3,968 Member For: 19y 5m 28d Gender: Male Location: Melbourne Posted 04/02/10 10:31 PM Share Posted 04/02/10 10:31 PM Intercooler & piping $1000, Injectors $600, Cat $300, Tune $1200. Total $3100 approx. Umm... Whoever charges that for a tune should be shot in the head with an elephant gun Link to comment https://www.fordxr6turbo.com/forum/topic/65732-fg-xr6t-3k-to-spend/page/2/#findComment-978223 Share on other sites More sharing options...
Skidude Member 115 Member For: 15y 8m 20d Gender: Male Location: Penrith, NSW Posted 05/02/10 04:42 AM Author Share Posted 05/02/10 04:42 AM (edited) Tune (500) & flash unit (700). Edited 05/02/10 04:43 AM by Skidude Link to comment https://www.fordxr6turbo.com/forum/topic/65732-fg-xr6t-3k-to-spend/page/2/#findComment-978317 Share on other sites More sharing options...
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