Free Fuel and Other Perks?

[Lumpen]

With all the talk of free fuel, 53% Purchase Price fuel, 73c a litre fuel etc I feel that Im rather gyped about paying 112.9c/L, especially buying 60+ litres a week.

My question is: Can I do this (get cheap fuel) somehow myself. and use an ABN for other financial gain?

My situation is: I have a car that needs registering soon and I have an ABN attached to my business etc. I use my car for about 600Km a week, almost totally for work and the KM are more if Im buying glass etc.

Would it be worthwhile to register the car in the Business name etc? (it is 13 yr old and owned by me, no loan etc)

I have no idea about economics etc so any help would be much appreciated.

Cheers all,

Lumpy

[curious]

With all the talk of free fuel, 53% Purchase Price fuel, 73c a litre fuel etc I feel that Im rather gyped about paying 112.9c/L, especially buying 60+ litres a week.

My question is: Can I do this (get cheap fuel) somehow myself. and use an ABN for other financial gain?

My situation is: I have a car that needs registering soon and I have an ABN attached to my business etc. I use my car for about 600Km a week, almost totally for work and the KM are more if Im buying glass etc.

Would it be worthwhile to register the car in the Business name etc? (it is 13 yr old and owned by me, no loan etc)

I have no idea about economics etc so any help would be much appreciated.

Cheers all,

Lumpy

here is some excellent economic advice,

invest in black duct tape, put on number plate, fill car up and then drive off, guaranteed 0 cents per litre. I feel this the only way we will get cheep fuel anymore

[Blown BA]

With all the talk of free fuel, 53% Purchase Price fuel, 73c a litre fuel etc I feel that Im rather gyped about paying 112.9c/L, especially buying 60+ litres a week.

My question is: Can I do this (get cheap fuel) somehow myself. and use an ABN for other financial gain?

My situation is: I have a car that needs registering soon and I have an ABN attached to my business etc. I use my car for about 600Km a week, almost totally for work and the KM are more if Im buying glass etc.

Would it be worthwhile to register the car in the Business name etc? (it is 13 yr old and owned by me, no loan etc)

I have no idea about economics etc so any help would be much appreciated.

Cheers all,

Lumpy

here is some excellent economic advice,

invest in black duct tape, put on number plate, fill car up and then drive off, guaranteed 0 cents per litre. I feel this the only way we will get cheep fuel anymore

[Mondie]

Lumpy, the best thing you can do is get yourself a good business accountant. Your question shows that you are not making anywhere enough of the benefits that are available to you. A majority of your cars running expenses should be deductible against your business since its used for that purpose. Maybe your busniess should lease a shiny new T for you complete with fuel and maintenance?

[Lumpen]

I will do this. Can I just have your name rank and serial number 'Curious'?

That way when the nice men with glocks pull me over I can say, Its allright, Mr Policeman told me to do it

[Lumpen]

Hmmm...maybe if I dont eat or drink or pay rent I could possibly lease an "ex program" XT......wonder what one of them is P/W?

[Mondie]

Hmmm...maybe if I dont eat or drink or pay rent I could possibly lease an "ex program" XT......wonder what one of them is P/W?

Mate, the business leases it not you so its all pre tax.

To answer your question l would guess maybe $150pw?

[curious]

I will do this. Can I just have your name rank and serial number 'Curious'?

That way when the nice men with glocks pull me over I can say, Its allright, Mr Policeman told me to do it

ummm, look over there... (curious runs off into the darkness never to be seen again)

[Worpor]

Lumpy, the best thing you can do is get yourself a good business accountant. Your question shows that you are not making anywhere enough of the benefits that are available to you. A majority of your cars running expenses should be deductible against your business since its used for that purpose. Maybe your busniess should lease a shiny new T for you complete with fuel and maintenance?

What he said

Try 260L a week just in the T

[sharkey]

Lumpy

There are several ways you could be using you’re ABN to make running a car cheaper. I presume that you are an employee of your company. In which case the simplest way is to simply pay yourself a travel allowance for work related travel. Or you could put in expense claims and the company reimburses you. At least with both of these the costs are pre-tax.

If you go the whole hog and hire purchase or lease a car in the company name, then everything becomes pre-tax expense, but you are then subject to Fringe Benefits Tax and all the headache that goes with it. If the use of the car is mainly for business then this could still be an advantage, even with FBT. You have to keep a logbook for a period to calculate what percentage of use is business and personal. The drawback is that the personal component is taxed at the top marginal tax rate.

I am not an accountant; I am only talking from my personal experience. I would suggest you talk to an accountant, but you should be able to get yourself a better deal.