I'm a small business owner. The car I am purchasing qualifies for FBT exemption re: Hybrid EV. However is there another 'legally binding document" that is available for me to use other than a novated lease. As I don't want to take out a lease. I want to purchase if via commercial finance.
Thanks for your video. What if I’m a director and only paying myself dividends (no salary) - how do I report FBT? Also, can I tax-offset the cost of the car fully this fiscal year if it is delivered after EOY?
Thank you - another great video!! If I was to buy the car outright in my companies name (as sole director) but use it almost entirely for personal use, does this exemption mean the business would be able to deduct 100% of depreciation & running / maintenance costs?
Thanks for the video, very insightful! How does it work with the Car Limit? If the EV I purchased was 80k and a passenger vehicle, not a ute etc, can i claim the whole amount of $80k or just up to the car limit of $64,741 for the 2022-23 income tax year?
I’m currently retired, and considering the current rollercoaster nature of the stock market, I decided to stay on the sideline for awhile, now I’m worried with the numerous bank failures as of late, am I better off reinvesting my savings in the stock market or do I wait?
True, A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.........
This video is so amazing and informational. There is a deep gratitude at the bottom of my seat for you right now.
Could you do a scenario for employees as well how they can save using salary packaging purchasing electric car ?
I'm a small business owner. The car I am purchasing qualifies for FBT exemption re: Hybrid EV. However is there another 'legally binding document" that is available for me to use other than a novated lease. As I don't want to take out a lease. I want to purchase if via commercial finance.
Thanks Dave. Thats great. I have my own business and I think I am going to do this.
yes, definitely a great tax deduction for the business :)
Thanks for your video. What if I’m a director and only paying myself dividends (no salary) - how do I report FBT? Also, can I tax-offset the cost of the car fully this fiscal year if it is delivered after EOY?
can you do a more detailed explanation of your closing summary (4-50 mark) about claiming while being a director...
Hey mate instead of leasing what if one purchases out right a plug in hybrid car. Will he still be exempt from FBT after April 2025 deadline?
Music to my ears Davie!!😊
Hi David. Great informative video. Just checking what about a Toyota Hybrid? is that included in the "plug-in" hybrid category?
No. Has to plug in
Thank you - another great video!! If I was to buy the car outright in my companies name (as sole director) but use it almost entirely for personal use, does this exemption mean the business would be able to deduct 100% of depreciation & running / maintenance costs?
@Davie Mach vid on this 👍
Thanks for the video, very insightful!
How does it work with the Car Limit? If the EV I purchased was 80k and a passenger vehicle, not a ute etc, can i claim the whole amount of $80k or just up to the car limit of $64,741 for the 2022-23 income tax year?
Does anyone know if Toyota rav 4 2025 will be a Phev car or not ?
So even if is electric car, but a luxury car worth 135k does not qualify for this right?
Correct it is over the luxury car tax limit so it does not qualify
Thank you
Hi mate, Tesla Model Y 's towing capacity is 1.6 tonnes. So does it still qualify for fbt exmption? Looks like people are benefiting from that
That's its towing capacity not the same. The vehicle can hold approx 600kgs
is the exemption for the life of the EV car or until mid 2027 only?
Not for life but the govt will review this rule in 2027 to see if they will extend or remove it
I’m currently retired, and considering the current rollercoaster nature of the stock market, I decided to stay on the sideline for awhile, now I’m worried with the numerous bank failures as of late, am I better off reinvesting my savings in the stock market or do I wait?
True, A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.........
interesting! just copied and pasted her full name on my browser, found her site at once, and skimmed through her credentials, very much appreciate it.
Yeah but the employee then adds the FBT to their individual tax returns
yes, but there is no tax on Fringe benefit as it is exempt.