Can I purchase a luxury vehicle under my business? Is that cost deductable?
You can purchase any things under your business. In terms of the tax deduction, only the business realated expense is deductible. And If the vehicle has any other private use, Fringe Benefit Tax will be applied. Can refer to article Specific Deductions - Motor Vehicle
FBT:
Fringe benefit tax (FBT) is a tax on benefits that employees receive as a result of their employment, including those benefits provided through someone other than an employer.
You can choose to pay fringe benefit tax at a single rate of 49.25% on all benefits you provide to employees, including shareholder-employees. Can refer to article Fringe Benefit Tax.
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