Novated Lease.

[South]

Your much better off buying the car on a personal/car loan and paying it off that way, actually your much better off not buying a 40k car on that income. You would end up taking home a 3rd of what you currently do should you lease a car that expensive.

If you were on double that amount, then it'd be beneficial, as you would be paying most of the car with what would have been taxed.

Ring the pro's to get a professional opinion though.

[DORKO]

I believe your income is too low. You can get out of FBT if you buy a XR6T ute. The only money you will save will be on insurance.

My ute was $38k with luxury pack. Costs me $1650 a month pre tax and no FBT. You will be broke as on your salary! it would leave you only $1380 net a month appox.

You can't live on that!

Dorko

[pottsy44]

yea I didnt think it would be worth it, but I thought id ask.

ill probably end up getting a ba mk II xr6t.

will only need to borrow around 5-8k so it should be alright.

thanks.

[TTonka]

Am currently in a Novated lease with 2 years remaining. Have been thinking of buying out the TTG with a Chattel mortgage to our business and novating a second car for wife.

In my case I have difficulty travelling the 25,000ks unaided and so find I've had to drop back to 15,000. Why they can't come up with a say 15% FBT to suit 18-20,000ks bracket, or better a flat rate with percentile discount per extra ks travelled

[SILK RSPEC]

I am not paying FBT at all for my Rspec as I just drove it souly for work for the first 3 months and log booked everything. I even made sure I bought some parts from in lismore etc to get the kays so they look normal with personal driving in it as well after the log book period. You couldn't do like 5oooklms with the log books for 3 months say and then do 15000 for the next 3 months without a log book cause the tax man will ask why the kms have changed so much and you will need to justify it. It is a pain in the but but worth it, I was told I never need to do a log book again for that car

[Redrum]

Be very very wary of novated leases. If you do not do the kms you will be up for FBT and they don't care if you miss by 1km or 10000 km the declared kms, they hit you just as hard. I got hit with $3700 FBT on my last vehicle. And if you have it for less then the FBT year, they work out the average. My advice is to approach these with extreme caution. Once locked in they are a hell to get out of and with tax brackets changing their benefit is decreasing.

[TurboDewd]

Im in the 40% tax bracket and intend to lease next year. I want to do finance only, I.e salary sacrifice the petrol, tires, insurance, etc myself. If I go for a 4 year loan what would my monthly repayments be on a new XR6T with a RRP of $47,000 (white, auto, nothing else). What would the residual be?

I will buy thru a carbroker to get a fleet discount too, so lop 4k off the price and I gather the lease caper lets u avoid GST too, so that's another 4k off the price.

And how much FBT will I get hit by? Any methods for minimising it?

[Plugg3r]

Im 19 and on 35k per year... I do 42,000km's a year and own a XR6T ute.. Well worth it for me!!

[Timmy-XR6T]

im salary scarificing my leased xr6t, fbt is one thing to consider, but there is also a new ECM which allows you to contribute post tax to reduce your FBT liability. havent been through the numbers to fully understand the impact, eg offseting income tax against FBT and the associated benefit but something else to consider when making a purchase (assuming its salary sacrificed)

[ronburgundy]

Dude there's nothing new about contributing post-tax to reduce your liability...