scrantic

Hi guys just looking at getting a novated lease on a car and the amout of FBT on a new xr6 sedan is about 5k give or take a few hundred. Is it true if I were to purchase a ute that I would not be subjet to FBT being that i do most of my driving for work aprox 75% of my 35,000 k's a year.

rod

thats right there is no F.B.T. on the ute

regards
rod

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scrantic

Thanks mate you have made me a happy man in some respects but I was really after getting the sedan but the FBT that id be paying dosent warant it and i sure want the turbo so the ute is is then...

Aussie Pete

There is a tax ruling that covers this but you will still have to justify your compliance with the rule, namely that the vehicle is used in majority for work travel and business. You must meet a "reasonable" or "best" estimate of kilometers travelled and this can be done by a Residual benefit Declaration.

Talk to your accountant before assuming there's no FBT and make sure this same accountant will set up the requisites to defend any tax office audits.

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Toolman

I am sure said accountant will be happy to spend hours talking with ATO.... at customers expense, then finally produce a crisp A4 stating that the customer knew the law and accountant was acting on customers instructions, signed by said customer...