Well it might be hard to take the FBT exemption away from electric cars.
I wonder if your planning on paying a good chunk of income tax anyway, if its still better than paying in cash despite the financing/balloon(residual) payment.
I think a lot of people made money simply selling their leased cars, paying off the balloon and pocketing the difference with these recent bought of used car crazy inflation.
So many cars are selling for close too or even more than their RRP when new
If the government is giving away FBT taxes and no longer generating tax/excise whatever from petrol/diesel sales then there is a shortfall. A shortfall that the government will have to eventually address.
In the short term we’ll get screwed on hydrocarbon taxes but sooner or later there will have to be a tax on electric cars. A road use tax is not far away.
Have to remember tho, EV cars are probably less than 5% of the new car market, and I imagine not all of them are FBT exempt.
So there’s lots of taxes being spent by everyone else with existing financial arrangements and buying petrol.
You can only do one car under the FBT exemption, per person. So it will just drive some growth, a bit of publicity and eventually these EVs will be the used car market.
Saves you $30,000 ? Over what period ?
You must have some great Accountant.
I wish…
It’s just the FBT exemption and salary sacrifice. Plus it’s an expensive car.
For those with a Sportage.
Haven’t heard from Kia yet, but my 2015 Platinum is on the list, so wont park it in garage for now.
Does anyone have any idea how the used vehicle market will actually operate for electric cars? How much is a 10-year old Tesla worth? How long does it take for the battery to reach the point where the car is practically unusable except as a city car that needs recharging every day?
Musk says 22+ years. I think I remember reading that if your Tesla battery was registering below 70% capacity they would replace it.
Employer pays FBT, not employee.
Only in the 7 years warranty period.
The warranty is for it to have 70% charging capacity for 7 years or 240,000 km, whichever comes first.
I think EVs may have an issue with residual vaue if battery performance drops off quickly.
That being said a long distance tesla would still make a great future inner city runabout at a huge discount with a degraded battery.
I think it will mean employers will happily do it for all staff.
(If they want one)
I think an EV would make a great promotion carrot for the right person. Expensive otherwise but much cheaper now for a business to acquire.
And the car can be used 100% for personal use.
Just go and speak to your accountant. I’m not gonna argue semantics.
It’s backdated to July. If you’re not on a NL, then maybe you can refinance, or sell up and get a new one?
Tesla has cut their prices basically erased their increases due to supply chain issues
I think the model Y now comes under the luxury car tax which is good news.
I think the standard model 3 here in nsw is discounted a further 3 grand thanks to a government rebate.(under 68-69k? before on roads) and no stamp duty. Which is a few hundred bucks i think
Then i think if you do what you did tin hill and pay with pre tax dollars its gotta shave a bunch more off em too.
Still wouldn’t consider a Tesla because a. Musk is a ■■■■, and b. Tesla drivers are wankers.
No but with Tesla cutting prices and some aggressive(hopefully) pricing by Chinese owner brands(byd,MG,geely etc). That should start to put downward pressure on other car manufacturers.
So you dont need to like Musk or Tesla but enjoy what his company will hopefully do to the car industry.
This is the EV i fancy. 15k cheaper than most and has had a few admirers in different car media. Coming to Oz prob end of the year.
MG are also looking at bringing back the MGB in electric form with an 800km range.
(For those old enough to remember an MGB)
Now that would mean a fun aussie road trip
I had to MGBs over the journey. Decent little cars they were too.
Would prefer if MG made a coupe over a convertible. Convertibles just arent practical with our sun.
Unless you fancy driving in a tied down hat for 15 min at a time or enjoy second degree sunburn