Quote:
Originally Posted by pauljh74
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,
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The ATO can only tax you if you are carrying on a business, and the car is in fact inventory.
Otherwise, a car that is going to appreciate (and there aren't many) is a great investment.
Because it is one of the few things specifically made exempt from Capital Gains Tax. (For the rather obvious reason that most cars result in a capital loss, and the government didn't want people offsetting their cars against other things.