Leasing a Tesla, Company purchase and more

[gcgp]

My 2 cents.
I agree with EcoCloudIT and paulp. All of the vehicles I have owned so far have all been under my company becuase I drive around 40k a year and its legit mostly (90%) business travels with some personal use. But when we talked about me getting a model S he explained that the benefit I get (GST refund) will not offset the FBT I will have to pay. The difference is huge. So I'm getting it as a personal ownership with a log book to claim as a business expense. We had a long discussion about it and he convinced me it was the better way to go. So I think you should follow paulp's advice and get a second opinion, it won't hurt.

 

[strood]

Great to hear some real world feedback. To the primary take away that no matter what the vehicle it's going to be best to buy it for personal use and then Just log book the business kms

 

[reemo]

Ive just been through the excercise of deciding if my MS should be purchased in my company name or my name. The FBT issue as people have mentioned here make it better to have it in my name. I will be using a logbook though for 12 weeks to establish my business use percentage and then charge my company hire fees for the car (running costs and depreciation).

I've been toying with the idea of driving for Uber during the first 12 weeks to bump up my business use percentage (with the revenue going through my company). Apparently Uber insurance covers you when you have a passenger in the car so I won't need to tell my insurance company! Does anyone have any advice in this regards?

 

[EcoCloudIT]

If your driving habits change after the initial 12mths then your legally obliged to do another log book.

-ECIT

 

[lonewolf313]

Ive just been through the excercise of deciding if my MS should be purchased in my company name or my name. The FBT issue as people have mentioned here make it better to have it in my name. I will be using a logbook though for 12 weeks to establish my business use percentage and then charge my company hire fees for the car (running costs and depreciation).

I've been toying with the idea of driving for Uber during the first 12 weeks to bump up my business use percentage (with the revenue going through my company). Apparently Uber insurance covers you when you have a passenger in the car so I won't need to tell my insurance company! Does anyone have any advice in this regards?

Uber insurance only kicks in when your own insurance is exhausted.
If your policy does not include ridesharing and you are involved in an accident while driving with Uber and your passenger is injured, then you may not be covered.

 

[paulp]

Ive just been through the excercise of deciding if my MS should be purchased in my company name or my name. The FBT issue as people have mentioned here make it better to have it in my name. I will be using a logbook though for 12 weeks to establish my business use percentage and then charge my company hire fees for the car (running costs and depreciation).

I've been toying with the idea of driving for Uber during the first 12 weeks to bump up my business use percentage (with the revenue going through my company). Apparently Uber insurance covers you when you have a passenger in the car so I won't need to tell my insurance company! Does anyone have any advice in this regards?

Do one business journey then park the car for 12 weeks. Average use in the 12 weeks is 100% business use.

 

[EcoCloudIT]

And then the second your driving habits change to that of the time your kept a log book for you're legally obliged to start a new log book.

-ECIT

 

[houdini]

Uber insurance only kicks in when your own insurance is exhausted.
If your policy does not include ridesharing and you are involved in an accident while driving with Uber and your passenger is injured, then you may not be covered.

Actually Uber insurance covers you for the drive to pickup the passenger and then while the ride happens. From the ride and just driving around is on your own insurance while waiting for rides.