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Australian Model 3 Waiting Room
- Thread starter rgc1990
- Start date
My accountant gave me a firm “do it”, when the legislation passes, seemed to think that it will be a very generous concession.
Hi there, first time poster…
Ordered March 23. Back then, I considered doing a novated lease but after comparing the number, I found it quite expensive compare to financing at was then 2.99%. I was under the impression that novated lease is worth it when bundling gas and other maintenance and saving tax on these expenses. That’s not really relevant for a Tesla (no gas, limited need for services) but I see a few of you mention the FBT new legislation. Is there an accountant able to do a cost breakdown with the future law to help me (us?) understand the benefit of it compare to finance?
Ordered March 23. Back then, I considered doing a novated lease but after comparing the number, I found it quite expensive compare to financing at was then 2.99%. I was under the impression that novated lease is worth it when bundling gas and other maintenance and saving tax on these expenses. That’s not really relevant for a Tesla (no gas, limited need for services) but I see a few of you mention the FBT new legislation. Is there an accountant able to do a cost breakdown with the future law to help me (us?) understand the benefit of it compare to finance?
These numbers will be specific to your circumstances. Here is some generic advice, with a huge grain of salt/disclaimer that it’s straight off the googles. Contact your accountant!
Understanding Novated Leases and FBT Exemption for Electric Cars in 2024
Discover the benefits of novated leases, FBT exemption and electric cars in 2024 with this comprehensive guide from Zecar. Get the most out of your novated lease electric car today!
zecar.com
Hey @Ormaus. You joined Vedaprime the other day. Are the methods taught actually tracking your vin properly or more "s'probs on the Passama based on the build date, EDD and armacup schedule. Its currently dilly-dallying about in the CJK anchorage" using a marine tracker?
Like does it check manifests or anything additional?
Like does it check manifests or anything additional?
BlueMagnolia
Member
A day or 2. And yep, I completed the loan doc's today. 2.99 would have ended aug 4th. Expected delivery date is aug 27th to 5th sept
If you are trading a car and been driving it around for 6 months they may want a new odometer reading before an invoice is issued.
Ormaus
Member
Initially based on probablitiy etc etrc as you said but gets more into expected delays (current average wait, shipping backlog), and way more stuff on the Australian side in terms of port authority, current delays (backlog) including reasons why, customs timing and how to check, logistics at port, car carriers used, backlog and average throughput, etc etc
As everyone said, it doesnt make the car get here any quicker but I personally am enjoying watching the reports, etc. Different somewhat from what we do here, as much of the information is provided to you. On the Discord (through Patreon) there is a constant trickle of information to wet your appetite. Unlike here I find myself just sitting back and receiving the information rather than hunting down and analysing the information for patterns etc. So my need for more info is provided for, and I can just sit back (crack a beer) and watch things unfold.
Informative and kinda relaxing.
Hi all, hope no one minds. I'm bumping this one. Got our final statement, got out registration form. Question, do we sign the registration form and email it back. Or, take it to the rta. I've tried contacting our SR. No reply. Actually, we have received all the new paperwork and haven't heard from our SR in months? Must be someone out here who knows. And PS, it's not the rego information that you supply when first ordering. It's different to that, it's 4 pages with some info pre-filled like vin, make, build date etc etc Thanks braz
Sold! Thanks man! Might wait until the 1st though.Initially based on probablitiy etc etrc as you said but gets more into expected delays (current average wait, shipping backlog), and way more stuff on the Australian side in terms of port authority, current delays (backlog) including reasons why, customs timing and how to check, logistics at port, car carriers used, backlog and average throughput, etc etc
As everyone said, it doesnt make the car get here any quicker but I personally am enjoying watching the reports, etc. Different somewhat from what we do here, as much of the information is provided to you. On the Discord (through Patreon) there is a constant trickle of information to wet your appetite. Unlike here I find myself just sitting back and receiving the information rather than hunting down and analysing the information for patterns etc. So my need for more info is provided for, and I can just sit back (crack a beer) and watch things unfold.
Informative and kinda relaxing.
BlueMagnolia
Member
Yep fill it out (highlighted yellow boxes are applicable) and send back. From there it will appear on your Tesla account
If you have a car on order with approved finance, can you change it to a novated lease?These numbers will be specific to your circumstances. Here is some generic advice, with a huge grain of salt/disclaimer that it’s straight off the googles. Contact your accountant!
Understanding Novated Leases and FBT Exemption for Electric Cars in 2024
Discover the benefits of novated leases, FBT exemption and electric cars in 2024 with this comprehensive guide from Zecar. Get the most out of your novated lease electric car today!
Just got my invoice today as well - build date is 9-July.
I’ve signed up too, good summary seems decent enough.Initially based on probablitiy etc etrc as you said but gets more into expected delays (current average wait, shipping backlog), and way more stuff on the Australian side in terms of port authority, current delays (backlog) including reasons why, customs timing and how to check, logistics at port, car carriers used, backlog and average throughput, etc etc
As everyone said, it doesnt make the car get here any quicker but I personally am enjoying watching the reports, etc. Different somewhat from what we do here, as much of the information is provided to you. On the Discord (through Patreon) there is a constant trickle of information to wet your appetite. Unlike here I find myself just sitting back and receiving the information rather than hunting down and analysing the information for patterns etc. So my need for more info is provided for, and I can just sit back (crack a beer) and watch things unfold.
Informative and kinda relaxing.
Ormaus
Member
Still 4-6 weeks + delays away so I'll check current prices a couple days before.
Ormaus
Member
The novated lease still includes finance.
The purpose is to bundle the cost of a vehicle into a salary sacrifice arrangement where the expenses are paid pre-tax. Saving you whatever marginal tax rate is applicable to your situation.
Obviously that is too good a deal, so they introduced FBT where the private portion of those expenses are grossed up by x2.0802x 47% (highest marginal tax rate to discourage it), or you pay a statutory rate of 20% (grossed up) of the base value of the vehicle.
If they do pass an FBT exemption then it effectively means you can pay for the vehicle using pre-tax money and not have an FBT penalty. That penalty is normally paid for by employee contributions, because your employer won't want to be liable for the FBT.
It isn't really possible to do a cost analysis for you over a forum, there are many variables depending on the lease company and their quote. But broadly, you can either make your finance payments for the vehicle pre-tax (salary sacrifice) or post-tax. You also get to save the GST on the vehicle, but the novated lease companies often have inflated in-house finance deals. You can normally find companies that will do a bare novated lease (forget the correct term) where you can find your own finance and insurance, extras, etc... It really pays to do your homework here.
But if you get a quote, the FBT liability should simply be whatever they quote you for the after-tax contribution. That is essentially what you will save with the new proposed rules.
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