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Take the cash and repackage it as a novated lease. It the most tax effective method, as it will reduce your taxable income and fund the vehicle from dolars you would have otherwise payed to the ATO.
If your employer simply gives you the car then they get the tax benefits.
Basically it seems the less I drive, the more benefit there is in taking the $$$ - am I right?
found this on the ATO webpage: assuming the person drives 25k km or more...
what the heck is an employee contribution?
$13k is a fairly poor car allowance, I'd take the car.
13k a year for 5years on the right loan could be a new Fender
I have no choice but to take a car as I do 90000k per year. Any lease for me would be throwing money away.Quote:
Originally Posted by Deffy
So instead, I am trying to talk work into a more suitable car.
depends how much you drive right? your other post sez you do 90,000 km a year :o I'd be unlucky to do more than 18-20,000 in and around Darwin yearly... hence $13k (nearly $8k net @ the 40% tax rate) seems on the surface to be more than the expense I'd incur (even including depreciation on a 5-6 year old vehicle).Quote:
Originally Posted by Maggot4x4
Time to speak with a financial advisor me thinks :)
thanks all for your opinions thus far!
Quote:
Originally Posted by Maggot4x4
Me thinks it's about time you got out and did some work Maggot you have been letting the side down a little only doing 90000k.
I mean I only work 4.5 hours a day and I still managed to clock up 120000k's in 12 mths on the Kia Pregio:eek2:
LIfe begin's at 110km/h
Still can't get used to sitting still :twisted: