The Australian Federal Government, as part of the 'stimulus package', offers a 30% rebate (talk of increase to 50%) if you purchase any brand new car for the sole purpose of business. Those who purchase and use the car for business purposes will be able to offset their income tax with the 30% rebate on cars up to $57,000 (AUD) within the next three years. If the car's value is over, you can still obtain the rebate but only up to the $57000 limit. Just a matter of deciding which year (of the next 3) you'll need the tax break and that works to, based on a $57,000 car, a tax credit of $17100!!! This is defintely increasing car sales, the only concern is with all the stimulus package promises we are going into a $50 billion dollar deficit. (All up this new government will have spent $70-75 billion). Keep in mind our population is about 22million!!! Anything similar in your part of the world?
Welcome to the financial hell that all of the Western world is experiencing. Who will go completely bankrupt first?
similar? SIMILAR?? We should be so lucky to have that deficit. I have to say GMWAG...that IS quite a nice discount!
Is it possible to ammortize the deduction over a few years, seeing as how its for business? If a small business here in the states took that big a deduction in one year and nothing that size in comparison in subsequent years, sets up a disaster recipe for IRS audit. Even if it is part of a Stimulus. Chuck
