Quote:
Originally Posted by Kato
As an accountant, you should know that if you are doing a novated lease, there is FBT portion?
You can't just use pre-tax money for a vehicle and not pay FBT.
I'm curious if this is included in the lease re-payments as mentioned or if there will be a later lump sum (or payback out of tax paid money to get a FBT benefit of $0).
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1) Correct;
2) Correct 'should more accurately state give rise to an FBT event, not pay FBT'; and
3) I have never seen an employee contribution factored into an agreement with an employee that wasn't either a director/immediate family member.
I suppose this makes sense due to structure of the loan, but then again based on the structure of the loan it could quite possibly give rise to a second FBT event.
Quote:
Originally Posted by norwest_rumbler
i ended up taking 24k - ends up to be interest free.
thanks a lot for the advice everyone.
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