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wilburforce

FINANCIAL MEMBER
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About wilburforce

  • Rank
    Spezialist
  • Birthday 01/01/1981

Profile Information

  • Location:
    Melbourne
  • Ride/s
    79 SC - 997C2S

Recent Profile Visitors

1,017 profile views
  1. @smit2100 @Simonk I believe they started life loosely based around the ATO effective life tables on motor vehicles and have been adopted by most lenders as a starting point/template. I know proper operating leases stick to them (not sure whether this is commercial or lending framework prescribed) - but think all other funding models are flexible.
  2. Novating/salary sacrificing has been in the ATO's sights for quite a while now - as its been a benefit to many in the past. More recently (ie: in the last 8 or 9 years) they've made changes to the FBT calculation (stat method to min 20%) that functionally restricts novating benefits to those with cars under the Luxury Car Limit ($57k) and where a logbook is kept with a very high business use percentage. Those professions where FBT is treated concessionally are the outliers. What this means is that for cars less than the Luxury Car Limit there are quite few scenarios where the novating benefits aren't outweighed by the FBT - business use must be very high to make a business case. In a lot of cases people are novating when they are actually worse off and never realise. In contrast cars over the Luxury Car Limit have added downside to restricted deductions for the company party to the novated lease - in addition to the large FBT cost (as outlined by @Simonk). This can be an unwanted and usually misunderstood downside to these arrangements. FBT doesn't just exist in novated arrangements - for many who own their own business and have a 'business vehicle' the FBT component is misunderstood and, most times, ignored until the ATO come knocking. Having said that, I'm not sure @AlexB7RS4 was specifically asking about novated leases - you are still able to purchase on a loan facility or lease outside the novated arrangements. Novating aside there are 3 main ways to finance a car (other than to use cash or draw on other facilities) 1. Chattel Mortgage (CM). You pay interest and you can deduct the interest cost and a depreciation cost in your personal tax affairs given that you are eligible. You own the car from day 1 and ultimately pay principal and interest over the term of the loan, plus a balloon (if any). If eligible you get the GST refunded at time of purchase. 2. Hire Purchase. Same principal as above except you don't own title of the car (legally) until the final payment is made. Very popular in the early 2000's to get around some GST quirks - pretty rare now. Some still refer to a CM as an HP. 3. Lease. You have an agreed lease payment monthly of which you have GST of 1/11th. For tax purposes you can claim the business portion of this lease repayment. Usually at the end of the lease you agree to payout the agreed balance to own the car, or you swap it out for another. Very generally I find leasing is used more as a business equipment tool and CM used more frequently to finance vehicles. Some ballpark ratios I've seen used by our clients and brokers. 3 year term 50% balloon, 4 year 40%, 5 year 30%. @AlexB7RS4 by all means gets facts (and opinions) from the interwebs - but it's important you get advice relating directly to your circumstances from your accountant as @TwoHeadsTas has pointed out.
  3. Nick Cascone did mine - he needed heat and brute force!
  4. guarantee me flames and i'm there I upgraded my daily @Fraz I'll check out Kline as an option as well - this hasn't been on my radar. Thanks @dan_189 will PM you
  5. I'm looking for a new sound in my 997s and like the sound of the Tubi and Cargraphic (muffler only at this stage). Is there anyone here who is running either of these?
  6. @FL7 do you know the widths and offsets? Or at least the other tire size (one set is 255/40R17)
  7. There's an online article here with gallery as well https://www.whichcar.com.au/features/porsche-paradise-hangar-banger-2-gallery
  8. Does Neville Bartos still have his @hugh?
  9. I have Michelin Pilot SPort Cup 2 on my 997 C2S and they're great.
  10. They are ugly - but i use one of these in the SC and get pretty steady footage. https://www.seasucker.com.au/heavy-duty-smartphone-mount-seasucker-ram/ Whatever you do don't stick it to your dash...
  11. @Alex69T do they have any dish? What are you chasing for them?
  12. My 79 SC was a UK car and had the "Super Sports" package - it had a turbo look but without the widebody from what I know. It had the Whale Tale, front spoiler, front fog lights, Bilsteins, and Fuchs with Platinum centres and a few other tasty treats.
  13. Does anyone know the pros/cons or running a harness and HANS in a non-cage car? I've seen some negative comments on running HANS in a car without a cage if its a roll-over situation. HANS seems a no-brainer if you can run it - but i guess my question is, Do i have to install a cage to run HANS?

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