Benefit of invoice on July 1 is less LCT if you current invoice include LCT.sorry if this is a dumb question but what benefits do you get if they update the final invoice on the 1 July? What is an LCT and how does it affect us in saving costs? We're going through a novated lease and theyre saying that theres no difference if we submit a new final invoice on 1 July because were still under the 80k ish LCT anyways is that true? And givent that we just got a text saying car has arrived im guessing i have about 2 weeks to sort out and pay the car but if i have to wait for the final invoice on the 1st of july that potentially gives me a couple days for novated lease to transfer the funds through successfully?
thanks in advance!
LCT is Luxury Car Tax. This financial year you pay lct if purchase is over $84ish K. Next financial year it's for purchase over $88ish K. If business fleet purchase, if you buy under the lct threshold, you don't pay fbt (fringe benefit tax) for personal use of vehicle.