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I have an ABN, I use it for odd jobs I do on my days off from my full-time job (eg. work on my parents farm). However I only have a very small turnover ($3-5K per year approx). Am I eligible to purchase a car and receive the 50% investment allowance, even though that 50% deduction would be far greater than the than the profit I make per year from my ABN?
It may sound like a stupid question, but I can't find anything on the ATO website that says I wouldn't qualify. I meet the qualifying criteria listed on their website:
* carry on a business
* buy the asset by the deadline
* use or install the asset by the deadline
* meet the minimum thresholds
* use the asset principally in Australia and principally in your business, and
* are eligible to claim a deduction for the asset's decline in value under section 40-25 of the Income Tax Assessment Act 1997.
Website: http://www.ato.gov.au/businesses/content.asp?doc=/content/00193781.htm&page=6&H6
It may sound like a stupid question, but I can't find anything on the ATO website that says I wouldn't qualify. I meet the qualifying criteria listed on their website:
* carry on a business
* buy the asset by the deadline
* use or install the asset by the deadline
* meet the minimum thresholds
* use the asset principally in Australia and principally in your business, and
* are eligible to claim a deduction for the asset's decline in value under section 40-25 of the Income Tax Assessment Act 1997.
Website: http://www.ato.gov.au/businesses/content.asp?doc=/content/00193781.htm&page=6&H6
