Most new small business owners don’t know what business vehicle depreciation is, let alone how to calculate it. Considering the deduction can lead to some serious tax savings, it’s important you understand what you’re entitled to.
Admittedly, vehicle depreciation can be a complicated subject. But, to ensure you’re getting the most out of your car’s value, it’s essential to understand what vehicle depreciation is and how it can lead to a bigger tax deduction.
To make this task as easy as possible, we’ve included a car depreciation calculator for Australian business owners. But first, let’s look at what vehicle depreciation is. Then, we’ll drive on over to the good stuff, like how to use the calculator.