Lord Cyric Just sit back and enjoy the ride...! Donating Members 1,121 Member For: 21y 5m 11d Gender: Male Location: Sydney, NSW Posted 04/10/06 07:47 AM Share Posted 04/10/06 07:47 AM I'm about to re-lease my Black Beast for another three years (can't let my baby go). Everything paid out of pre-tax dollars... car, rego, insurance, fuel, maintenance, tyres, etc. Makes life so much easier. Link to comment Share on other sites More sharing options...
Kimberley Scott www.australianflag.org.au Donating Members 6,763 Member For: 19y 6m 18d Gender: Male Location: Brisbane Posted 04/10/06 07:49 AM Share Posted 04/10/06 07:49 AM Mate I use Smart Salary and they are very helpful I have never had a problem with them. As far financially wise it worked out better for and by the sounds of it, it will work out better for you. The key is to do the Kays you say you will. I am lucky I have a missus so when I deployed she could contiue to rack up the kays to achieve them. A single mate of mine was deployed and could not do the kays and it cost him. Hope this helps.Scotty Link to comment Share on other sites More sharing options...
Guest Guests Posted 04/10/06 07:55 AM Share Posted 04/10/06 07:55 AM Technically they own it and lease it back to you for taxation purposes....But if you leave the company straight away.... You own it.. You leave work and you take it with you.... Payments and all.....You need to do at least 25 - 40 + km's PA to make it worth while...←This happened to me just recently. New company said they'd take it on, then reneged, so I got lumbered with payments. Still okay with it though but will be glad when last payment is due all the same. Link to comment Share on other sites More sharing options...
Guest Guests Posted 04/10/06 08:06 AM Share Posted 04/10/06 08:06 AM my only concern would be that you may find it troublesome replacing non standard items. Also service costs can get a tad higher but you do get good service I've found.The more K's you do the better off you are and you really need to be doing 25K plus pa to make it worthwhile FBT wise.Check that side of it out first but otherwise it sounds like a good thing.Have you sought financial advice? Link to comment Share on other sites More sharing options...
IH8TOADS Silver Donating Members 3,618 Member For: 19y 6m 27d Gender: Male Location: OZ Posted 04/10/06 08:21 AM Share Posted 04/10/06 08:21 AM Mmmm I've never really thought about leasing and it's probably not worth it for me now as I only have 8K owing on it. Plus I ride to work and would struggle for the kms. But in Steves case I think it is a goer for sure especially as T's will probably drop very slowly after they hit 18 - 20 grand. Link to comment Share on other sites More sharing options...
SCRIBR Yaris member Member 4,486 Member For: 18y 7m 14d Gender: Male Posted 04/10/06 08:24 AM Share Posted 04/10/06 08:24 AM (edited) I lease mine and its so good.. costs me bout the same as my Expensive Daewoo VR was costin me per week!fuel, tyres, mainteance, servicing etc. paid before tax! its XL-ENT!im with Leaseplan... has any body tried 2 claim mods under their lease? I was guna ask them The FBT rate goes up alot unless u do over 25K km.. its 11% or something @ that km's or 7% over 40k km.. not sure what it is under 25 though Edited 04/10/06 08:25 AM by SCRIBR Link to comment Share on other sites More sharing options...
gogo Member of team Kittens Member 609 Member For: 20y 11m 12d Location: Melbourne Posted 04/10/06 08:25 AM Share Posted 04/10/06 08:25 AM key thing with any novated lease arrangement is to ensure you have both a pre and post tax salary sacrifice arrangement.This offests the FBT completely so there is no downside toleasing - particularly if you already have finance.Given that you do I am very suprised how low the savings are...should be a lot more...remember - you should save GST on all costs (they claim this back - so know 10% of all outgoings), plus income tax on a portion of the out goings...cheers, Ben. Link to comment Share on other sites More sharing options...
Superoo Member 340 Member For: 22y 3m 3d Gender: Male Posted 04/10/06 11:18 AM Share Posted 04/10/06 11:18 AM I lease mine and its so good.. costs me bout the same as my Expensive Daewoo VR was costin me per week!fuel, tyres, mainteance, servicing etc. paid before tax! its XL-ENT!im with Leaseplan... has any body tried 2 claim mods under their lease? I was guna ask them The FBT rate goes up alot unless u do over 25K km.. its 11% or something @ that km's or 7% over 40k km.. not sure what it is under 25 though←I think it jumps to 20% if you're doing less than 25K.If you say you're going to do the 25K, then make sure you do them! A nasty FBT bill will be waiting otherwise. The sliding tax brackets over the last 2 financial years have made novated leasing less attractive but it does still have some benefit. Link to comment Share on other sites More sharing options...
Paradoxx Colossal Member Member 5,049 Member For: 20y 5m 11d Gender: Male Location: Perth, WA Posted 04/10/06 11:25 AM Share Posted 04/10/06 11:25 AM Mate I use Smart Salary and they are very helpful I have never had a problem with them. As far financially wise it worked out better for and by the sounds of it, it will work out better for you. The key is to do the Kays you say you will. I am lucky I have a missus so when I deployed she could contiue to rack up the kays to achieve them. A single mate of mine was deployed and could not do the kays and it cost him. Hope this helps.Scotty←I'm not worried about kms, in the 2 years I have owned it I have racked up 68000km so there shouldn't be a problem. I love driving the thing so if I'm a bit short on ks I'll just go for a nice longggggg drive Deployed as what may I ask? I'm in the RAAF... Link to comment Share on other sites More sharing options...
Honest Gaza The Thief of BadGags Donating Members 527 Member For: 21y 4m 3d Location: Sydney Posted 04/10/06 11:31 AM Share Posted 04/10/06 11:31 AM My previous AUII Futura was leased through Orix, and my current XR6T is leased through Orix.Keep in mind with any lease vehicle, there are "budgeted" costs...and "actual costs".Your lease company will have calulated finance costs, insurance costs, FBT, running costs (including fuel, tyres, servicing) and given you a monthly figure. These costs will have been calculated based on your estimated mileage for the period. (Obviously, the more km's you do....the more fuel, tyres and servicing you will require).Any variation in these costs will effect your "actual" costs...as opposed to your "budgeted" costs. Therefore, if petrol prices continue to rise, insurance costs rise, registration costs rise....you will owe the lease company additional money at the end of the lease. I am no finance expert, but from experience, additonal payments at the end of the lease to make up any shortfall (including your residual payment), are NOT pre-tax.Therefore, keep an eye on any driver reports they supply, and if you are exceeding any "budgeted" costs during the lease period....ensure you adjust your slalary sacrifice payments accordingly. Link to comment Share on other sites More sharing options...
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