Definitely worth it! For example 2 months in, $30k car is written off, insurance gives you the $30k, but you owe $35k in repayments. It means that you are not taxed at all on $9k. There are numerous methods for claiming expenses in your tax return, as well as several methods to calculate fringe benefits tax which varies depending on the client’s circumstances. I have none of the above mentioned things to consider though. Chat Season 2020, Year 12s... uni plans for 2021 - arts/humanities courses. See below for the link to our comprehensive FAQ site that may help with common questions. Its a legal benefit that the government provides to encourage people to work in hospitals and not for profits. You can increase your income by whatever your highest tax rate is as a percentage of $9000, every year, by filling out a few forms. Ask the right question or get the wrong answer, The question to ask when considering car salary packaging is not “in isolation how much tax will a particular method of salary packaging save me?”. To help you decide whether it’s something worth pursuing, here’s a quick overview of  salary sacrificing and how it works. According to MoneySmart, this is much lower than many people’s marginal tax rate. Therefore, if I had any business usage, the saving projected is overstated. Performance figures shown reflect net investment performance, i.e. In your tax return you can claim up to 5000 kms of travel, without a logbook (it does need to be genuine business related travel). Tamika Seeto It is not possible to give accurate advice by simply asking for: annual gross salary, type of vehicle, state, distance travelled and a lease period. The idea is that in private if they offer you 50k. When I put his unique circumstances into our firm’s software, it told me he would obtain no taxation benefit from car salary packaging. After running the numbers multiple times i worked out that Cash VS lease - Cash was about $1500 cheaper with my car and running costs (and balloon payment etc), however the compounding interest saving on my mortgage was about $7000 over the same period. reposted a comment i made in a similar thread below. Mark Stay in the loop with Canstar's Home Loan updates. If you're looking for a convenient way to get into a car of your choice, a novated lease could be a great option - no matter if you drive a little or a lot. I cannot remember (and happy to be corrected) but it may still be calculated as part of your medicare levy. Outrageous tax claims: why are they so popular? and Australian Credit Licence 234945. Credit for Aussie Activate products is provided by Pepper Finance Corporation Limited ACN 094 317 647 ("Pepper"). Go elsewhere if you want that type of cover, guaranteed buyback means they'll take the car at the end if you want to start a new lease straight away, I didnt look too much into it as in my case i was a lot better to pay the residual payment and sell privately if i want to change cars. Privacy Policy Mine is roughly split 50-50. Any advice on this page is general and has not taken into account your objectives, financial situation or needs. But unless you have very high deductions this shouldn't negate the impact of packaging. This course will provide you with an overview of car fringe benefits, car parking fringe benefits and the This tax-effective strategy is best for income earners of more than $37,000 a year. I currently work through an agency in community services, and am currently being bought by the company I do all my work through. This can be an additional tax savings or may not be depending on your circumstances but is different to the tax free cap. Working in Your Business, Car Salary Packaging – Truth Lies and Tax Deductions.

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