work to buy me car

[Guest]

I'd go the new car

[Mole]

I'd take the cash and get something completely impractical and ridiculous, like a XX Celica Supra.

Edited February 24, 2010 by Mole

[CHA54]

take the work-supplied car as long as it's not in your name at all, so if you leave the job you're not stuck with the lease.

[whitestivo]

J

Whilst your employer will pay for all of it, the FBT aspect of your car will be a reportable benefit on your group certificate, and not knowing your personal details that well it can affect a number of aspects of your life you might not like to discuss here so you should investigate.

I'm with CHAS4 and Superdave, Novated leases are Not what they used to be.

What about a suzuki swift, you been telling me how great they are.

whitestivo

[jaderd]

Cheers guys, great info and advice from all.

after discussing with missus and olds and just thinking about it myself there is no need to bother going down the allowance route as i would want to buy something worth around 20k and therefore i would be spending the whole allowance amount to have the car and maintenance and rego and insurance etc. i could then claim all this on tac as this car would be 100% business but its all just too much hassle and i wouldnt get any real benefit over going the way of work doing it all. Also if going this way i would also have another loan in my name etc, only way allowance route would work well is if i bought a cheap 5k daily then pocketed the other 5k or so this year and the following year the whole say 10k "allowance" can just be kept etc.

Whereas work doing it i have no real problems at all and dont have to do anything at all, nothing in my name, no rego no insurance etc. As for the FBT like whitestivo mentioned im pretty sure the scenario the boss has worked out is they pay that bill....so if i get a fringe benefit tax work cover it.....need to confirm the finer details ofcourse prior to anything but from discussion seems it has no real effect on my money in the end.

cheers all.

* Andy has sourced a Black yaris YRS manual......no safety pack though, so just the 2 airbags but still the standard VSC and TC. for safety pack on 3 door need to get one built.....and that wuld be may/june so no go there.......

edit - just checked ato and doesnt look like fringe benefit tax will affect me much at all. Not counted as part of taxable income but can effect tests for things such as - child support payments, spouse super contributions medicare levy and hecs.

medicare levy - its fine as level is at 70k......plus i have private health insurance so covered there.

Hecs - basically it adds up and increases my income and therefore my HECS payment percentage.....thats fine makes me pay my hecs off quicker which is good.

Edited February 24, 2010 by jaderd

[MT]

I'd get professional financial advice if I was you, because a few of the things you have mentioned above don't make a lot of sense.

Better to be safe than sorry...

[whitestivo]

j

good work calling the ato, the fbt affect on hecs i was thinking would get you, can be difficult explain non financial ppl

i guess that's why i get paid so much. ha.

whitestivo