This time, we’re going to talk about Luxury Car Novated Lease Ato. There is a lot of information about Luxury Car Business on the internet, of course. Social media are getting better and better quickly, which makes it easier for us to learn new things.
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6 Fun Facts Luxury Car Novated Lease Ato | Lease Luxury Cars
- Novated and associate leases are not provided because of altruism: they can save a company money. Companies do not have to finance cars, and they are not stuck with car fleets and their associated maintenance and administration costs. Novated leases can also save payroll tax. - Source: Internet
- An extension of the novated lease is an associate lease. It allows an associate of the employee - his or her spouse, family member, family trust or family company - to provide the car to the employer on an operating lease. The car is then provided to the employee or spouse as part of a total employment package. The lease payments from the employee’s package are assessable to the associate and, accordingly, depreciation and any interest costs on the loans to finance the car become deductions for the associate. - Source: Internet
- The example assumes that the novated lease runs for three years, and that the car does at least 25,000 kilometres a year, with no distinction between company and personal use. It includes finance costs, registration and third-party insurance, fuel and maintenance, for a total of $12,160. This becomes a net charge of $10,727 against the salary package, because the employee chooses to contribute $1650 towards the car. - Source: Internet
- As table two shows, the three cars have different values; only the one valued at $62,500 is classified as a luxury car and subject to a small luxury-tax charge. The second car is worth $45,000 and the third $20,000. Each of the cars travels 25,000 kilometres a year, they are all fully maintained and, unlike the example for the moderate salary earner, there is no employee contribution to any of the cars. - Source: Internet
- For employees, making a novated lease part of a salary package can reduce their tax. It also means that if they lose their job, they do not lose their “company” car. The novated lease remains their responsibility. - Source: Internet
- As the accompanying tables show, employees with big packages can enter multiple leases on cars of different values. Cars can also form part of the package of someone on a modest income. In both cases, the tax savings are substantial. - Source: Internet
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