What deals have people been getting ??

[Fazza Senior Member Find all posts View Profile Close Fazza]

First a very warm welcome to the Pradopoint forum.

Good jump ScottC & it looks as if the predicted deliveries are getting slightly shorter 8)

Now its just the wait :roll:

Cheers,
Fazza

[Gordo Junior Member Find all posts View Profile Close Gordo]

Updated quote. As usual my last dealer just happen to forget the option pack 1 and ARB bullbar etc from the quote. More than likely due to sale tactics. So Ive scrubbed him and obtained another quote from a good dealer through this forum.

Price quoted today is as follows:
Prado GXL 3.0L T Diesel Automatic Wagon
Powder White Paint / Grey Velour Trim - Colour
Opt Pack 1
ARB Steel Bullbar c/coded
Clear Bonnet Protector
Headlight Protectors
Front Weathershields
Color Spare Whl/Cvr>Oct 2006
Rev P/Sensor 4Hd-Powder White
Roof Rack with Roof Rails
2500kg Tow Bar
Dealer Delivery
Amount subject to GST
Registration Fee
Compulsory Third Party
STAMP DUTY

Total = $60,860.00 less GST (Novated Lease) = $55530.55

[dhr29 Junior Member Find all posts View Profile Close dhr29]

Sounds pretty close to what I ordered and around the same money.

[clifton Advanced Member Find all posts View Profile Close clifton]

Hi Gordo,
The term Less GST so GST is added to this price :?:

[Gordo Junior Member Find all posts View Profile Close Gordo]

Total = $60,860.00 less GST (Novated Lease) = $55530.55

Hi Clifton - GST is approx $5300 or so. Total price that includes GST is $60,860. As I am doing a novated lease, then I will be not paying the GST on the purchase price - My price (excluding GST) is approx $55530.00 on road.

The novated lease company pays the GST and then claims it from the tax office for that financial year.

When my novated lease finishes, I will be purchasing the vehicle at the residual price plus 10% GST.

This means that I dont pay GST upfront on the initial purchase price - but rather that I pay the GST when I purchase it as a private citizen on the residual value of the car at the end of the lease.

For example if I purchased a vehicle through Novated lease and the cost of the vehicle on the road was $22,000, of which $2000 was GST, then I will only pay $20,000. After one year, the residual is say 65%, then I pay $13,000 for the car plus the GST ($1300). So I pay a total of $14,300 at that time.

Pretty good considering that I save 45% PAYG tax by novating the cost of the vehicle. This is a far better way than obtaining a personal loan for the car and taking a few extra years to pay it off.

Hope this explains a little.

[hoppy Senior Member Find all posts View Profile Close hoppy]

Total = $60,860.00 less GST (Novated Lease) = $55530.55

Hi Clifton - GST is approx $5300 or so. Total price that includes GST is $60,860. As I am doing a novated lease, then I will be not paying the GST on the purchase price - My price (excluding GST) is approx $55530.00 on road.

The novated lease company pays the GST and then claims it from the tax office for that financial year.

When my novated lease finishes, I will be purchasing the vehicle at the residual price plus 10% GST.

This means that I dont pay GST upfront on the initial purchase price - but rather that I pay the GST when I purchase it as a private citizen on the residual value of the car at the end of the lease.

For example if I purchased a vehicle through Novated lease and the cost of the vehicle on the road was $22,000, of which $2000 was GST, then I will only pay $20,000. After one year, the residual is say 65%, then I pay $13,000 for the car plus the GST ($1300). So I pay a total of $14,300 at that time.

Pretty good considering that I save 45% PAYG tax by novating the cost of the vehicle. This is a far better way than obtaining a personal loan for the car and taking a few extra years to pay it off.

Hope this explains a little.

What about Fringe benifits tax?

[Gordo Junior Member Find all posts View Profile Close Gordo]

Yeh Hoppy, Fringe Benefits tax needs to be applied. This costs me just under $6000pa from after tax money.

[hoppy Senior Member Find all posts View Profile Close hoppy]

I looked into Salary sacrificing a Prado, but unless you have a good reason to use it for work related travel (with logbook) or do at least 40,000km per year private travel, the FBT basically evens it all out.

The government wins again!!

[plucker Advanced Member Find all posts View Profile Close plucker]

FBT changes rates depending on KM's driven in a FBT year from April to Mar. The more KM's the less FBT.
With novated leases you can package fuel, insurance, rego and mtce and repairs all in the one package which is tax deductable. Your payments are fornightly out of your pay. No more to pay.
If you are lucky enough to work for a good company like I do, they give a fleet discount on the vehicle which is quite substantial also. I got over 7 grand discount also, and added to the GST free turned into about 13 grand off the price I would pay for if I had cold hard cash.

FBT might sound like a lot in some cases, but when you take into consideration tax advantages, it negates itself. eg if you drive 25 000KM in a year it is cheaper with the lease than to get a loan at 8% and have to pay added costs on top.

How's that - clear as mud I spose.

[hoppy Senior Member Find all posts View Profile Close hoppy]

FBT changes rates depending on KM's driven in a FBT year from April to Mar. The more KM's the less FBT.
With novated leases you can package fuel, insurance, rego and mtce and repairs all in the one package which is tax deductable. Your payments are fornightly out of your pay. No more to pay.
If you are lucky enough to work for a good company like I do, they give a fleet discount on the vehicle which is quite substantial also. I got over 7 grand discount also, and added to the GST free turned into about 13 grand off the price I would pay for if I had cold hard cash.

FBT might sound like a lot in some cases, but when you take into consideration tax advantages, it negates itself. eg if you drive 25 000KM in a year it is cheaper with the lease than to get a loan at 8% and have to pay added costs on top.

How's that - clear as mud I spose.

WOW. Fair point. You sound like you know more about it than me. Good info!

[Gordo Junior Member Find all posts View Profile Close Gordo]

I work for a good company who are throwing in $20k per annum and a fuel card, but only if i get the novated lease. If I use my own car, then I dont get the additonal money. So basically, out of my own pocket, the car will cost me around $50pw. As this is 1/2 my current fuel costs, then why would I not get the fully maintained novated vehicle of my choice. A TOYOTA PRADO

And yes, I intend to do around 30,000km pa, so FBT wont be a problem.

[plucker Advanced Member Find all posts View Profile Close plucker]

The thing with novated leases is that everyone's situation is different. Sometimes they work for some people, other times they dont.
For me it is great, but your situation might be different!!!!

[Crammy Advanced Member Find all posts View Profile Close Crammy]

You can negate the FBT if you use the contributions method. You basically pay post tax dollars towards your running costs to the same tune as your FBT costs.

So if you have $4000 FBT liability, you can pay $4000 POST TAX towards your vehicle running costs and negate your FBT.

The employee contribution method has been the best method with my last car and also the new Prado, saves me around $1 - 2k per year over the statutory method.

SMB have a good calculator that you can have a play with.

http://www.smb.com.au/NovatedLeaseVehicles/default.aspx

[Damien Parker Advanced Member Find all posts View Profile Close Damien Parker]

The thing with novated leases is that everyone's situation is different. Sometimes they work for some people, other times they dont.
For me it is great, but your situation might be different!!!!

Thats the caveat right there.

Before considering anything like this see your accountant to make sure its the right path to take or it can end up costing you more than you think.

[clifton Advanced Member Find all posts View Profile Close clifton]

Well Gentleman, what can I say, very informative to say the least, I was aware of the novated lease policies but thanks all