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Three tax time tips for your car

End of financial year is one of the best times to think about your car.

We’ve got three tips to help maximise your tax time bonuses.

Buying a new car

The biggest way to make the most of your EOFY is to step into a new car. Carmakers often have deep discounts to clear out their stock before June 30, often to make way for updated cars in the second half of the year.

How it can help you when you’re filling out your tax forms is when you claim your vehicle for your business. You can claim the depreciated amount of the vehicle, as well as any work related travel completed during the financial year. If you lease the vehicle or drive the car under hire-purchase agreement, you may be able to deduct the expense of your rental payments made before July 1.

Refinancing

Tax time is the perfect time to look at refinancing your existing loan, to see if you can dig up a better deal than what you signed up for. Finance companies are always keen to poach potential customers from one another, so use it to your advantage – especially if you have a stellar repayment history or are looking to roll your loan over into something that suits your needs a bit better (for example, trading in your big 4WD down to a sports car, or switching from a convertible into a people mover!)

Insurance

People who stick with the same insurance policy for years expecting a loyalty bonus are rarely ever rewarded. End of financial year is time to take stock of all your expenses, and if you could be getting more reward for spending money with a company, why not take it?

If your lifestyle has changed, your insurance may not suit your needs completely anymore, so you could be missing out on the full benefits or coverage. Even your own insurer could be doing better to tailor your policy, you don’t know until you ask the question.

The team at Motorama can find you the car that best suits your lifestyle, and our Business Managers work to source the best deal on finance and insurance for your next vehicle.

We also work with a new partner, CarBeagle, to sniff out the best deal that works for you – not the other way around – so that you can spend less time chasing after cars and more time on the road.