Another facet of your life that may be affected by the car accident is your taxes. However, the federal tax laws allow you to get some tax relief from a car accident because the damage or loss of your vehicle is considered a casualty loss. What can be taken into account for tax purposes?
You must claim in the accounting period you bought the car if you want to claim the full value under first year allowances [these enable you to claim for up to 100 per cent of the cost of certain qualifying items against your business profits in the year of purchase]. “If you do ...
The Tax has also been extended to many items previously not attracting the SST. The list of items that remains GST free includes fresh foods, books and magazines and many other items not easy to list. However, when you make a purchase, the GST must be added to the item where applicable ...