The Profit Generator Show with Nathan Rigney
Welcome to The Profit Generator Show Podcast, where we cut through the bullsh*t of traditional accounting and show you how to maximize your profits using the Profit First method. Hosted by Nathan Rigney – accountant, business advisor, and Profit First expert – this is your no-nonsense guide to running a business that’s lean, profitable, and built to thrive. We actually give a damn about your success.
Website: www.ngraccounting.com.au
Instagram: @nathanrigney_ngraccounting
LinkedIn: @nathan.rigney
Facebook: @ngraccounting
Youtube: @ngraccounting
Email: info@ngraccounting.com.au
The Profit Generator Show with Nathan Rigney
Taking a Car Out of Your Company? Here’s What It Could Really Cost You
Use Left/Right to seek, Home/End to jump to start or end. Hold shift to jump forward or backward.
You own the company. Your company owns the car.
So surely transferring that car into your personal name is just a matter of changing the rego?
Not quite.
In this video, Nathan breaks down a practical example of what can happen when a company-owned motor vehicle is transferred to a director, shareholder or other related party.
We cover:
🚗 Why you need to establish the vehicle's market value
💰 What could happen with GST
📊 How the vehicle's written-down value can affect the company
🧾 Potential company tax consequences
🚘 Stamp duty and transfer costs
💸 What happens if you don't actually pay the company for the car
⚠️ When Division 7A could enter the picture
📆 How interest and repayments could increase the cost over time
The biggest lesson?
Don't transfer the vehicle first and ask your accountant about the tax consequences afterwards.
Work out what the transaction could actually cost before you make the move.
👉 Need help understanding your business structure or tax position? Visit https://ngraccounting.com.au
#CompanyCar #Div7A #BusinessTax #GST #SmallBusinessAustralia #Accounting #BusinessOwner
This podcast provides general information only and is not intended as personal financial advice. The information presented here does not take into account your individual financial situation, investment objectives, or particular needs. You should consult with a qualified financial advisor before making any financial decisions based on the information in this post. The author and website owner are not liable for any actions taken based on this general advice.