Toymods Car Club Inc: General Car Talk => Car Sponsorship, how can a company claim back?

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nico
Regular

Location:
Sydney
Registered:
January 2004

Car Sponsorship, how can a company claim back?	Tue, 17 May 2005 01:43

I'm really in a need for another car, and have been looking at a couple of red AE82 rollas for sale. But don't have quite enough money as Im still at uni, and my white one is just too rough for me. Trying to convince my Dad that it would be an investment for his company is hard, but my brother has just got a lease for a brand spanking new holden s pack ute and claims he'll do deliveries and installations, which I end up doing most times anyway after uni hours. Wondering if theres a way to convince and promote a company (a small one), on a car so they can claim it back on tax.Like logo's on the car or going to meets and that type of stuff. Or some way round it other then getting on my hands and knees and begging. Any accountants out there that can give me an idea? p.s. If I get another rolla, my little roughy/rusty will be up for sale [Report message to a moderator]

M.J.H
Forums Junkie

Location:
Newcastle
Registered:
April 2003

Re: Car Sponsorship, how can a company claim back?	Tue, 17 May 2005 05:53

Okay i'm no accountant but i think it would work something like this. You register a buissness name like "nico racing" or something,your dads company sponsers said buissness for say $3500 a year and claims that as a tax deduction. Your buissness has then earnt $3500 but you don't have to pay tax on that as it is taxed at the same rate as income tax for a sole trader.That is the first $6000 or whatever it is is tax free plus you can claim the work done to the car. At least thats the way i see how it would work/be resolved for both of you but someone can correct me if i'm wrong. EDIT Always get professinal advice before doing anything as the above is only how i see it would work. [Updated on: Tue, 17 May 2005 05:57] [Report message to a moderator]

Corona RT142
Forums Junkie

Location:
Campbelltown
Registered:
November 2003

Re: Car Sponsorship, how can a company claim back?	Tue, 17 May 2005 06:00

oh and for tax purposes your brother will have to keep a log book of use of the car for the first month or so to work out the private usage percentage. [Report message to a moderator]

nico
Regular

Location:
Sydney
Registered:
January 2004

Re: Car Sponsorship, how can a company claim back?	Mon, 23 May 2005 00:52

Cheers guys, My rolla needs work and can't be bothered touching it. Im a pushing for a car! [Report message to a moderator]

Chris Davey
Forums Junkie

Location:
sunny coast, qld
Registered:
October 2002

Re: Car Sponsorship, how can a company claim back?	Mon, 23 May 2005 01:15

My car is sponsored by my dads business and I am an accountant. I have the Davey Plumbing stickers on both sides. We have signed a contract stating that he will reimburse me for all the expenses on my car for one financial year. This amount is then classified in the profit and loss as advertising. It is 100% deductible to his business as long as I dont give him free tickets to racing etc. This is how I did it and it is fully legal. I checked with the NTAA. Good luck [Report message to a moderator]

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