Rik_Biel Bionic Bealie Member 271 Member For: 21y 6m 3d Location: Perth West Oz Posted 24/09/05 01:40 PM Author Share Posted 24/09/05 01:40 PM I have had my EF from 30,000kms up to 250,000kms now - 8 years.The plan is to keep it for at least the same amount of time/kilometres.For FBT purposes I need to do 25,000kms a year, so at that rate 10 years = 250,000kms is what I will be aiming for.No trade. That is my cash price because I am doing a salary sacrificed novated lease. Link to comment Share on other sites More sharing options...
richdave SLOJAM, Gone but not forgotten Lifetime Members 1,841 Member For: 22y 5m 1d Gender: Male Location: Outer east - Melbourne Posted 24/09/05 10:39 PM Share Posted 24/09/05 10:39 PM (edited) ....For FBT purposes I need to do 25,000kms a year, so at that rate 10 years = 250,000kms is what I will be aiming for.No trade. That is my cash price because I am doing a salary sacrificed novated lease.<{POST_SNAPBACK}>I have a novated lease/salary sacrefice set up. I would actually be better off leasing or CHP after tax and claiming the % usage as a tax deduction as I strugglr to get the 25K P.A. Is your novated lease statutory method or log book method for FBT purposes? I am thru leaseplan and they only do the statutory method (easier for them, more expensive for me)If statutory, then I suspect you will be in the same boat as me if you dont do much more than 25K P.A. If log book method, you will probab;ly be OK. Have you spoken to your accountant? Edited 24/09/05 10:40 PM by richdave Link to comment Share on other sites More sharing options...
Rik_Biel Bionic Bealie Member 271 Member For: 21y 6m 3d Location: Perth West Oz Posted 25/09/05 12:36 PM Author Share Posted 25/09/05 12:36 PM LOL - I am an accountant. I'll be working out the FBT on the stat formula method as I will do at least 25,000km per year - I do 500kms a week just to get to and from work every day.Taxable value based on the stat formula method, less the recipient's contribution (ie all the running costs I will pay myself) means FBT will be nil.This is not a fully maintained lease, just a finance lease. Link to comment Share on other sites More sharing options...
richdave SLOJAM, Gone but not forgotten Lifetime Members 1,841 Member For: 22y 5m 1d Gender: Male Location: Outer east - Melbourne Posted 26/09/05 10:26 AM Share Posted 26/09/05 10:26 AM LOL - I am an accountant. ..... OK....Mine is a operating lease and all paid pre tax so I get the hit for all the FBT.. Do you have any comments regarding a private lease Vs CHP same residual, rate, term??Waiver - any reply will be considered general comment not "advice" Link to comment Share on other sites More sharing options...
Rik_Biel Bionic Bealie Member 271 Member For: 21y 6m 3d Location: Perth West Oz Posted 27/09/05 02:23 PM Author Share Posted 27/09/05 02:23 PM Not really.Much of a muchness from the employee's perspective - as far as I know.Not an area I work in much.I probably have a 2-5% business use if that - all my kms are basically home to work and work to home, and they are considered private.A few mods here and there over the years will ensure that my "recipient's contributions" to the car and it's running will exceed the taxable value. Why pay FBT when I could spend the same money on the car? Link to comment Share on other sites More sharing options...
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