Saturday, July 5, 2008

Can You Novate a Car if You're Self Employed?

The simple answer is 'yes'. My husband - who knows about these things - tells me that if you have a ABN number and you draw a set wage from your business you can novate a car. Your company is the 'employer' and you are the 'employee'. You get all the pre-tax benefits that any other person would get. If you don't draw a set wage from your business (i.e. draw random amounts of cash), but still pay PAYE tax, you can also novate a car, but it will require a little more paper work from your end.

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