Selling a vehicle registered to a business has different requirements to a private sale. This guide explains the process, GST implications, and what you need to have ready.
Yes, in several important ways. The main differences are:
Sold Fast regularly purchases company vehicles and our team is familiar with the process.
A company director always has authority to sell company assets. If an employee (not a director) is handling the sale, they should have written authorisation from a director — a simple letter on company letterhead stating their authority to sell the specific vehicle.
When you sell to Sold Fast, we'll ask for:
If your business is registered for GST and the vehicle was used wholly or partly for business purposes, the sale is likely to be a taxable supply — meaning GST applies.
The GST amount (1/11th of the sale price) should be reported in your Business Activity Statement (BAS) for the relevant quarter. Speak with your accountant or tax advisor for specific advice on your situation.
Note: Sold Fast is a GST-registered business and we will issue documentation consistent with a taxable supply. We recommend consulting your accountant before the sale if you're unsure of the GST treatment.
Yes — if the vehicle is registered in the company's name, it's a company asset and the sale must be handled accordingly. If the vehicle is registered in a director's personal name but used for business purposes, the situation is different — the director would sell it as an individual, though there may still be tax considerations.
The process is essentially the same as a private sale, with some additional documentation:
1. Submit your enquiry via our online form (note in the form that the vehicle is registered in a company name) 2. Receive your offer and agree to proceed 3. Prepare your company authorisation documents and your personal ID 4. We come to you at the business address or wherever suits 5. Sign the transfer documentation and receive payment via Osko into the company bank account
Yes — we pay via Osko to whatever account you nominate. For company vehicles, we can pay directly into the company's bank account.
Yes, the company ABN is included in the sale documentation. This supports your accounting and BAS reporting requirements.
Yes — we handle fleet and multi-vehicle purchases for businesses. Contact our team to discuss a fleet purchase and we'll streamline the process.
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