What’s peoples thoughts on novated lease with this potential FBT exemption vs just paying cashAll of your payments for the vehicle come out pretax.. it's almost a no brainer. Just make sure your accountant explains the reportable exempt FBT for tax to you
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Australian Model 3 Waiting Room
- Thread starter rgc1990
- Start date
Upgrades to increase capacity to Model 3 line. Hello fellow 14/2/22 order date
I really depends on your circumstances. From my perspective, if I can keep my cash in the bank that I have already paid marginal tax rates on (and go on to earn some interest on it or offset homeloan, etc) and pay for the Tesla using all pre-tax cash then it is clearly to my financial advantage to do that. I will pay the lease residual out at the end of three years using cash and own the car for less cost that buying it outright up front. You should get financial advice if you aren't sure as there are many factors to consider when it comes your your own situation.
A Tesla SA told another forum member to expect more vin assignments this week... any merit to that?
I'd say yes, it's a pretty safe comment to make as we know more ships are coming
Specifically for M3 may be pushing it a bit though with the line now shutdown, still quite possible to have more assigned as the ship is loaded or on the water
I am incorporated. Did I get the novated lease thing right?
- Company buys car, gets GST refund
- Company leases it to me and FBT is exempt under new scheme for at least 3 years
- After 3 years I pay the residual and then I own the car
I would strongly recommend avoiding Budget Direct. I deal with them a lot for work and they are one of the worst insurers for not paying claims and then trying to recover every cent from liable third parties with no sense of commerciality.
I would imagine that the exemption would be designed to largely replicate that. It is the simplest way to implement it.
Depends on your circumstances and what the quote is.
Then no need to do a novated lease. Your company buys the car, takes the GST credits, claims the car limit for depreciation, you use it essentially to your hearts content and never have an FBT liability. You aren't then stuck with minimum residuals through the lease and once the FBT scheme ends you can simply offload it to yourself for the carrying value on your books.
Guys. I still haven't received my odometer.
A few burnouts is okay with me but I think they've taken my car out to the coast or something...
A few burnouts is okay with me but I think they've taken my car out to the coast or something...
I've had no issues with them with my past claim. It's either Budget at $1,000 or GIO/Allianz or something else at like $2000
The difference for me between some insurers is just stupid.
Budget / ING / Virgin Money
All seem to cost around the same, assume they are all owned or using the same policy stuff etc etc
They've driven it to Beijing to test motorway performance. It's part of QAGuys. I still haven't received my odometer.
A few burnouts is okay with me but I think they've taken my car out to the coast or something...
If they drove to Beijing it's more likely to be close to 3000
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[Zombie]
Member
Earlier in this thread some people mentioned it's on their invoice. Usually between 1 and 3 km.
It's unlikely the odometer will be that low once the car is in your hands though, as they need to drive it on/off the ship, through the docks and on/off the transporter to the delivery centre etc.
Have found NRMA to be the cheapest (by a fair amount) - was recommended to me by someone on this thread...
While on the whole novated lease, FBT thing. When I was talking to my SA yesterday about VIN assignments, I briefly brought up this subject. He mentioned in passing that going that way, we wouldn’t be eligible for the NSW EV rebates. Anybody know if that’s true and if so why that might be? $5500 up front is puts quite a sizeable hole in the benefits if true.
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