Work ute on 457

step2

The boss is flat out and has a shortage of work trucks. He offered me rental and free diesel if I get my own truck just wondering if it's possible to set up a abn to buy the truck while I still work for the boss on 457, was told on abn you can get gst back

mandrake04

If you are smart you can claim back nearly the whole cost of the vehicle and that's without an ABN, my employer pays me $16.5K per year plus a fuel card for my car of which I claim 85% for business use.

I get $14025 tax free and the remainder is taxed at my marginal rate of tax, all other cost for interest, insurance, rego and maintenance can also claimed.

It effect I'm only paying $1500 a year to run a car that would cost me about $18+K per year anyway, I put in a Tax withholding on $1175 per month which means I don't have to wait until July to get all the tax back.

Plus when I pay the car off I can sell it and start again.

If your boss is willing to pay you a bit extra per week and give you a fuel allowance you could claim nearly the whole thing on Tax since a ute is a commercial vehicle.

With GST you would only be getting back 10%

Mellor

As Mandrake says, buying, running, using a commercial vehicle for work is a genuine business expense. It can be claimed as such in your tax return every year - regardless of ABN, tax file arrangements.