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Old 04-19-2001, 08:23   #1 (permalink)
JEM
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A good article I thought. Explains the change from fleet sales (used to be big), to the now more popular novated lease arrangement, meaning employer/employee can choose the vehicle they want!

This is definitely something I will do when the time comes for a new ride :)

The sad thing is {and the reason why Ford Oz are struggling} most people who buy the XR's/SS's, FTE/HSV brand rely on image. I don't care what somebody else thinks about the XR, or FTE's, I know they're a great product (and they'll be perfect when the stroker, then new V8 and Turbo6's arrive) and that's what matters!

http://www.drive.com.au/news/default...ews/news5.html
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Old 04-19-2001, 08:34   #2 (permalink)
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Typically, to buy an XR level car (say $50-53k) you need to be earninga TAXABLE income of around $61k or more to make it worthwhile - depending on the deal your company offers.

I see people leasing cars on less pay - it doesn't make sense. You'd be better off in those cases to buy on normal loans (no GST etc).

Remember that it's your TAXABLE income that matters - not the gross amount on your payslip. This means if you already have tax writeoffs such as neg gearing you need to earn more.

Still, 'company' cars do go faster :D :wink2: :p
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Old 04-19-2001, 08:41   #3 (permalink)
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Yeah, I've got to look into this novated leasing stuff with the finance people at work.

I'm told that the expenses of the car (say around 7 grand a year on a value of around 50 grand as I was told) is subtracted from your taxable income, then you pay tax on the remaining. So if you make 50G's, you pay tax on 43.

Does that sound about right to anybody that has had experience with this? If not, what is the per year expense?
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Old 04-19-2001, 08:51   #4 (permalink)
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I've seen figures of closer to $16-18k a year for XR/SS with a couple of options. This is for 25km/yr and with full maintenance, running costs included (ie. fleetcard setup). Also pre input credit figures. This is most common way.

This figure comes off your gross income to lower your taxable level.

That's why you need to earn over $60k. Any less and the margin between FBT and your income tax level becomes negative (ie. you pay MORE tax). Like you said - sit down with all your figures and run through it with your accountant.

Remember one downside of novated lease - you sign paperwork that basically places an onus on you to keep the car standard. It limits your options during ownership :( :eek:
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Old 04-19-2001, 13:09   #5 (permalink)
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Quote:
Originally posted by Aussie Pete
Still, 'company' cars do go faster :D :wink2: :p
Yes, yes they do... I think I'm on a sweet deal at the moment. I pay $3k per year for 'Limited private use' which entitles me to 18,000k's of private use per year recorded via a log book. ( ) Full insurance, maintenance, fuel and smash repairs is included. This $3k is taken off my gross income somehow or another??... :confused:
Only problem is I'm limited to the kind of car I can get.. ie. no 8's and no more S pack :(
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Old 04-19-2001, 18:40   #6 (permalink)
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Ford Man:
You are obviously in a job where the company car is a 'tool' - ie. rep type job. The car is doing high business mileage. I've normally seen this type setup with no cost to employee, just paying for petrol etc when you go on holidays (rest is free).

I don't think I could handle a repmobile 6.

The again, maybe a repmobile 6 goes as hard as a private 8 :wink2:
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Old 04-19-2001, 20:02   #7 (permalink)
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Quote:
Originally posted by Aussie Pete
...just paying for petrol etc when you go on holidays (rest is free).

The again, maybe a repmobile 6 goes as hard as a private 8 :wink2:
Nah man, it's got a full time shell card :wink2: And yes you're right. A rep 6 charges as hard or harder than a private 8
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