Yep, I've just been on here for about an hour and am now trying to remember what I was doing before??????
Boring indeed...... screw that I'm off to lunch and dreaming about bikes.
Yep, I've just been on here for about an hour and am now trying to remember what I was doing before??????
Boring indeed...... screw that I'm off to lunch and dreaming about bikes.
very timely post Macstar, thanks for that!
not to detract from a very informative post..don't forget FBT
:slap:
Boomer's right (damn, it was hard saying that).
Not sure what the rules are on leased vehicles, but on company-owned vehicles for which you're claiming 100% usage, the company has to pay 64% of the depreciable value of the vehicle in Finge Benefit tax. If memory serves, you can depreciate 40% of a vehicle per year, so on an SV1000S at $12500, you'd depreciate $5000 the first year, so your FBT liability would be $3200.
As I said, I've no idea what the rules are for leased vehicles, so I assume there's an equivalent.
Hold on, FBT rates are dependant on the salary an employee receives from the company. 64% is only used if that salary is over 60k (including value of the benefit).
I have some clients who don't earn much salary at all from their company (they don't work much I guess) and FBT works out VERY cheap and so worth it.
If anyone is thinking about buying a vehicle in a company make sure you talk to your accountant about FBT to get the full explanation.
The rate is based purly off % of usage that is personal usage by the employee or sole trader or what ever...so...employee does 40km pw in said vehicle... km rate is say 50c... thats $20 of fringe benift...employee or what ever pays taxable value on the $20
hey.. theres swings and round abouts for everything.. i reckon the figures add up its just a change in mind set for most.
and if you & ya accountant get creative with ya figures you can make it work for you !! BUT be warned.. speak to an accountant to get what it means for you.. as none of the above are accountants .. suspension experts perhaps.. but not accountants
:slap:
Yeah,
'poos tried to lease me a bike - trouble is I've only got about $40pw to spend - which only allows me to borrow enough money to buy a 10 year old bike
I hate all you rich c*nts
I paid cash for my bike, same as I do with all the cars I`ve owned. If I can`t afford to pay cash for something, I either go without or wait until I`ve saved up for it. Don`t know if it`s a better option that leasing, financially speaking, but I like the peace of mind you feel when there`s no payment book attached to the owner`s manual.
Repeat after me.... it`s only a movie.
Hmm - i am looking at this at the moment. I have a small business. I currently lease a car for that business, which is 100% business car. The misses and I own another car privately - and we happen to live in the same building as my business is in (seperate premises).
Becuase of the fact that dont use my company car to get to and from work, and i dont use it for personal use, we dont pay any FBT on that car.
Now: I want a new bike, CustomFleet are quite happy for me to lease a bike thru them, I intend to use the bike for business use. But the problem is that i will really have to pay FBT on this correct? I mean i cant say that my bike is 100% business... ?
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