Quote:
Originally Posted by raised by monkeys
Only reason i ask is if sold my car and received cash on the weekend, I wouldn't report. For a car i paid for in cash which was taxed through employment income, and paid tax on products and services spent on the car in the time i owned it, and refuse to pay tax from the sale of the car.
|
You're assuming cash in from the sale of an asset is seen as income. The ATO would be interested in the sale if you made a profit, and if you did the first one or 2 would probably go under the radar, as selling motor vehicles for profit as a person who isn't a licensed car dealer is highly unlikely.
There's a cost base against the sale price. Which is usually higher than the sell price when it comes to private car sales.