Not just novated, but it is 1/11 of the limit as the depreciaton limit is GST inclusive...
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Australian Model Y Waiting Room
- Thread starter Joe__B
- Start date
If novated leasing, I would stay away from Maxxia as their interest rates are close to 14%. The other leasing companies I have received quotes from are around the 8% mark. I also experienced their agent trying to mislead us by asking us to cancel the MYLR order last week although the new FBT exemption numbers were out more than a month ago. When I challenged them on that, they said they can only change their paperwork from 1 Jul onwards to reflect the new limits
My order (MYLR White, no extras due to FBT limit) was on Grand Eagle and offloaded to Sydney a couple of days ago. EDD was slipping but last update was 17 June to 8 July. Just spoke to a Tesla Rep and it was obviously not going to be delivered before EOFY - they clearly have lots of people who are talking to them about cancelling if it doesn't make it by then.
As it wasn't going to make the Instant Asset write off cut off anyway, decided to cancel (losing $400 order fee) and will reorder in July so I can get a couple of extras (colour + wheels) and still fit under the FY24 EV LCT threshold of $89,332 (ie still qualify for FBT exemption) and get to claim back against FY24 $68,108 luxury vehicle depreciation amount versus $64,471 from FY23 (which will offset the $400 I lost).
Anyway, good luck to everyone else needing EOFY delivery
As it wasn't going to make the Instant Asset write off cut off anyway, decided to cancel (losing $400 order fee) and will reorder in July so I can get a couple of extras (colour + wheels) and still fit under the FY24 EV LCT threshold of $89,332 (ie still qualify for FBT exemption) and get to claim back against FY24 $68,108 luxury vehicle depreciation amount versus $64,471 from FY23 (which will offset the $400 I lost).
Anyway, good luck to everyone else needing EOFY delivery
Just scheduled delivery!
23/6
Was on Grand Eagle
Ordered: 6/1/23
MY white, 20 inch rims
23/6
Was on Grand Eagle
Ordered: 6/1/23
MY white, 20 inch rims
Yes Im considering cancelling on 29 June if I cant get a vehicle.
The only benefit is getting a "non vanilla" MLLR and not hit the FBT limit
Yes, but don't have to cancel the June order to get the FY24 increase in the limit if the vehicle arrives 1 Jul
So sorry that Tesla couldn't deliver before EOFY, but delighted that you were able to grab the Volvo. I started looking at Volvo in October, but they told me it would be a 12-month wait, so I didn't get past sitting in the XC40. It looks really nice and spacious. I hope it does everything you need.
I got my delivery date. Scheduled it for this weekend.
Order date: 4 Feb
Ravi date: 18 may
Order date: 4 Feb
Ravi date: 18 may
It had just updated this morning: 25/6 to 16/7
But my understanding is that while you can depreciate it higher amount, you can only depreciate it over 8 years, while if you can take delivery by eofy, you can depreciate 64k in one go..My order (MYLR White, no extras due to FBT limit) was on Grand Eagle and offloaded to Sydney a couple of days ago. EDD was slipping but last update was 17 June to 8 July. Just spoke to a Tesla Rep and it was obviously not going to be delivered before EOFY - they clearly have lots of people who are talking to them about cancelling if it doesn't make it by then.
As it wasn't going to make the Instant Asset write off cut off anyway, decided to cancel (losing $400 order fee) and will reorder in July so I can get a couple of extras (colour + wheels) and still fit under the FY24 EV LCT threshold of $89,332 (ie still qualify for FBT exemption) and get to claim back against FY24 $68,108 luxury vehicle depreciation amount versus $64,471 from FY23 (which will offset the $400 I lost).
Anyway, good luck to everyone else needing EOFY delivery
Am I correct?
The difference between 30 June 2023 and 1 Jul 2024
30 June 2023
temp full expensing of $68108
This is GST 6191 + 61916 (ex get limit)
So effectively money in the bank for June 2023 BAS
6191 +30% (PAYGI) * 61916 = $24765
Lets say $25K for arguments sake
25K * 0.06 (interest rate) = $1500 which can be offset against loans (say mortgage)
x4 years = $6000 (interest saved on other loans)
Still better than the increase in depreciation limit of $3637
If car comes in 1 Jul you are worse off maybe $2363 - over 4 years.
30 June 2023
temp full expensing of $68108
This is GST 6191 + 61916 (ex get limit)
So effectively money in the bank for June 2023 BAS
6191 +30% (PAYGI) * 61916 = $24765
Lets say $25K for arguments sake
25K * 0.06 (interest rate) = $1500 which can be offset against loans (say mortgage)
x4 years = $6000 (interest saved on other loans)
Still better than the increase in depreciation limit of $3637
If car comes in 1 Jul you are worse off maybe $2363 - over 4 years.
Power Hungry
Member
Tomorrow afternoon. Grand Eagle Wednesday arvo.
Attachments
The "final" invoice isn't necessarily so final - Tesla will re-issue it if the $ changes (eg. change in applicable LCT or registration cost).
Add the $400 lost deposit if cancelling and reordering and it's $2763 worse off
I was just doing the school run today when I noticed a black MYLR on Sydney roads. Now I thought the first batch of LR’s in NSW were coming off our favourite ship the Grand Eagle? Now this raises questions in my head, the first of which being, are some people already taking delivery from the Grand Eagle? If not, was there a previous boat with LR’s? And yes, I am sure it was a LR. No line under the dual motor.
It could be a sticker bought from eBay?
I've seen the Dual Motor sticker on some, I wonder as well, it was 2-3 months ago
