Cgt

No unless you are selling multiple cars and ATO determines you are operating as a defacto dealer

 

No,

http://law.ato.gov.au/pdf/pbr/td2000-035.pdf

Capital gains tax (CGT) - a simplified view of Capital Gains Tax (CGT) in Australia (Look under exemptions)

If they weren't exempt from CGT 99.9999% of people would be claiming capital losses every time they sold a car. So even if you made a gain on a collectible you could cancel it out with a loss by selling a bomb.

 

Greg is not 100% correct.

It DOES depend if you have used or claimed your vehicle as part of your business or have claimed any repairs as part of your business.....as quite a few do(me included).

When I sold my 330,I made some dosh(over my purchase price),my accountant was trying NOT to get me to pay CGT,luckily he found a method.

 

FFS, he said privately owned vehicle, not a dodgy tax rort

 

That's not necessarily correct

 

That's not necessarily correct

 

What is correct?

 

That if the ATO in their wisdom decide that you bought the car for money making purposes, they'll tax you. Try fighting it.

 

Yes, that too. Acting like a dealer

 

So, hang on.

Are you telling me that the people who buy (especially limited edition) cars and then flip them a year or two later after hardly driving them out of the driveway are subject to CGT?

Personally I wish they were, but the evidence doesn't seem to support this.

 

Wrong again

 

A dealer doesn't pay cgt, the business pays income tax etc like any other business.

 

Is that what I said?

 

How many of those cars are actually sold at a profit? I'd guess zero

 

That's what it sounded like you said, but only you know what you meant.

I personally know a couple of guys who - if you believe them - have bought and sold several limited editions Porsches and Ferraris in the last couple of years at a profit every time.

And, how much was a Speciale new? Seen them now?
What about Aventador SV?
Porsche GT4?
McLaren 675LT?

Etc. etc.

 

Can you give an example? How would they know if you bought and sold in the first place?

 

Ok, but if you're are deemed as behaving like a dealer would they apply CGT or income tax?

 

After they've paid stamp duty, insurance, rego and servicing? I call BS, bignoters.

Speciale? No idea what they are actually selling for

 

A business, so business tax.

But not sure how they would decide.

 

My 330 was privately owned.
So are/were at least 1 other person who used to be on here(that I know about).
He had a fairly vast mechanical usage on his vehicles and it's quite easy to hide...um,stuff.

 

In Queensland(I'm prepared to be shot down here by those in the know),a private person used to be able to sell 5 cars REGISTERED AND ROADWORTHY,after that you were deemed to be buying and selling for profit without a dealers license......Jon?

You could get around that by either selling the car/s unroadworthy and unregistered(something I'd never do),or selling the car roadworthy without rego.

 

I think it's five in 12 months, but anyone can dob you in for acting like a dealer when you don't have a dealers license.

 

Probably. At least with the Porsches, anyway. What kind of looser would pay above the odds for one of those?!

(However, I reckon for the really limited edition cars you'd still be miles in front after the costs you mention.)

Similar deal here as far as I'm aware.
So, basically Peter is FOS as usual.