Anyones Passat on Novated lease?

[cru22z]

Hi guys,

Just checked my monthly usage report and
Noticed when I filled up on the weekend in BP
Using high flow nozzle to fill up my diesel It showed
.15c Discount. Is this normal? Do u guys get more discount
Filling up on the weekend or using high flow nozzle?

[passatpout]

Sorry, forgot to reply. My FBT component currently comes out of me pre-tax pay so I don't understand the benefit in post tax payment. My total lease payment each month, including budgeted maintenance & FBT is deducted before tax.

Because you can't be taxed twice for the same thing, and if your marginal rate is lower than the FBT rate it saves you the difference. When my car was leased, I had 2 employers. Both approached me about it to save me money, the first did it retrospectively after about 8 months and that gave me a nice little present.

Have a look at some of the online lease calculators, or talk to an accountant. They should be able to tell you if it's worthwhile.

Now, if only laptop computers were still able to be salary sacrificed....

[BlackSuperb]

Now, if only laptop computers were still able to be salary sacrificed....

Depends on your employer. I can do one laptop each FBT year. Currently doing one now.

[MJW]

OK. Now I get it. Thanks.

I even used to salary sacrifice mobile phones. Aaaah, the good old days.

Because you can't be taxed twice for the same thing, and if your marginal rate is lower than the FBT rate it saves you the difference. When my car was leased, I had 2 employers. Both approached me about it to save me money, the first did it retrospectively after about 8 months and that gave me a nice little present.

Have a look at some of the online lease calculators, or talk to an accountant. They should be able to tell you if it's worthwhile.

Now, if only laptop computers were still able to be salary sacrificed....

[passatpout]

Depends on your employer. I can do one laptop each FBT year. Currently doing one now.

Yes, well mine can't understand the need for work laptops, even though we work in some of the remotest parts of the country... So bugger all chance for personal ones...

[Marakai]

Related to this topic:

Does anybody know if you can do down payments on novated leases? This to lower the financed lease amount or to lower the residual, etc.

It may not necessarily make sense, depending on the tax situation, but that's something for an accountant to figure out.

I'm just asking if it's principally possible or whether the leasing companies always insist of a lease based on the fully quoted amount for the vehicle.

Thanks
Mike

[introspekt]

Related to this topic:

Does anybody know if you can do down payments on novated leases? This to lower the financed lease amount or to lower the residual, etc.

It may not necessarily make sense, depending on the tax situation, but that's something for an accountant to figure out.

I'm just asking if it's principally possible or whether the leasing companies always insist of a lease based on the fully quoted amount for the vehicle.

Thanks
Mike

SGFleet advised me that it was not possible to contribute to the capital costs of the car, it's all or nothing. It works out in my favour not to contribute at all however.

However, you can novate a second hand car, or a car you already own. So I guess it might be possible to switch over to novated lease after purchasing via another method, but I think it works on market value. I really don't know

[FSI 220]

Something to think about... I had to face it over the weekend...

My novated lease has an early return guarantee which was reimbursed (up front) by my company (in my case it was 600 odd for the life of the lease)... I had to exercise it today.

I recently changed roles into a bolt on acquisition of a company I worked for for 20 plus years, new job, new boss, ultimatum passed down, a line drawn through 3 heads, one was mine...

Bounced on Friday... I had to make a decision... we own a 4yo Kluger KX-S AWD that I bought out (my old lease) for $17.9k in four years it will be worth around $15 000 ... or sell that and buy out my brand new lease for $58k in four years it may be worth $28-30k. The Passat is too small for our primary car, no towbar, blah blah... So... loose 2k in the car that fits the family? or lose 20k in a car that I fancy?

Because i am so anal with the care of the car, there were no "wear and tear" costs, so it cost me around $500 bucks (some excess Km and 4 days of "Hire") to walk away... compare that to if I had to try and sell a six month old MY12 if I had bought it outright... I would hate to think...

Anyway... food for thought... better go update my sig... sigh

[Riker]

Isn't that just a pain in the a*se...... Sorry to hear it mate but hopefully it opens the door for you to step behind the wheel of another VW at some point soon....

Something to think about... I had to face it over the weekend...

My novated lease has an early return guarantee which was reimbursed (up front) by my company (in my case it was 600 odd for the life of the lease)... I had to exercise it today.

I recently changed roles into a bolt on acquisition of a company I worked for for 20 plus years, new job, new boss, ultimatum passed down, a line drawn through 3 heads, one was mine...

Bounced on Friday... I had to make a decision... we own a 4yo Kluger KX-S AWD that I bought out (my old lease) for $17.9k in four years it will be worth around $15 000 ... or sell that and buy out my brand new lease for $58k in four years it may be worth $28-30k. The Passat is too small for our primary car, no towbar, blah blah... So... loose 2k in the car that fits the family? or lose 20k in a car that I fancy?

Because i am so anal with the care of the car, there were no "wear and tear" costs, so it cost me around $500 bucks (some excess Km and 4 days of "Hire") to walk away... compare that to if I had to try and sell a six month old MY12 if I had bought it outright... I would hate to think...

Anyway... food for thought... better go update my sig... sigh

[clip]

I recently changed roles into a bolt on acquisition of a company I worked for for 20 plus years, new job, new boss, ultimatum passed down, a line drawn through 3 heads, one was mine...

sorry to hear that mate, not good after all those years of loyality! Just goes to show, at the end of the day it all comes down to the bean counters.