If the company transfers an asset such as one of the company cars into your name, the company will need to consider any tax implications when treating the disposal of the company car. The transfer of the car will be considered the disposal of a depreciating asset to you and may require a balancing adjustment in the company tax return.

When transferring assets it is best to seek professional advice. You can also call into the ATO or seek advice from the ATO by way of a private ruling to ensure you treat the transaction correctly.