Car for business

Out of context: Reply #4

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  • ETM0

    Well, firstly are you incorporated or just a trade name/sole proprietorship? If you're incorporated, your company owns the asset (or liability). In a proprietorship, you still personally do, and you might as well buy it yourself anyway and track the mileage. That's what I do. Mileage recorded for biz, goes against mileage from the whole year, That percentage (in my case it's 38%) goes against total costs (payment, maintenance, fuel etc.) as a deduction come tax time.

    • or here, rather than percentage, you can alternatively just take a flat rate cost per km ($0.52)ETM

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