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smit2100

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About smit2100

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    australia
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  1. Also Ring Kevin at umw ( ultimate motorworks) in the US. he has a repair hit and at the same time if not tuned, enquire about his tuning.
  2. Just curious. Agency contractor/ payg salaried/ own a business / abn number.
  3. I think you will find those ball park ratios are based on current ATO minimum guidelines for residual payout ratios for novated leases. Eg 1 year lease is 65.63% and 5years is 28.13 and in the middle at 3 its 46.88%.
  4. Ok, so not too many accountant types about like @Twoheads Tas who actually crunch the numbers and actually have novated an older P Car me thinks. Probably a different angle to what @Twoheads Tas is going to deliver. But I reckon its extremely hard to get the numbers looking black and not red on a novated lease on a P car unless its an aircooled which sees about 4 weeks on the road and 48 in the workshop and the lease is only for one year. For me its all abount minimising FBT (very very few avenues) and maximising repair costs paid in pre tax dollars, and lowering the loan amount and having a car at the end of the lease that is worth more than what the book value is on what you are paying fbt on. Me thinks the OP's GT4 second hand cost of 150k if on a novated lease is going to cost 20% @ 150k = 30k a year pretax / 1150 per fortnight pre tax / 600 per fornight post tax assuming top marginal rate. For me WTF. That's only the first row on the novated lease costing spreadsheet. Ways to reduce that somewhat, eg I would buy private and drive the lease value as being the lowest value in redbook, glasses guide (trust lowest trade in price) or what you paid for it. Hopefully glasses guide is less than what market is. Eg Tax office tend to not trust you on what your purchase price was when valuing FBT along with leasing companies. Then I would only do a one year sale and lease back and adjust the taxable value value assuming glass / rebook guides are showing numbers going South I am interested in @Twoheads Tas heads view compared to mine in that it would be rare personnel circumstances that the numbers stack up for a novated lease compared to financing a car if you have access to money in a mortgage offset account (eg fixed interest at circa 4 % in todays terms). Eg 150K @ 4% = 6k a year interest in after tax dollars. 30k of pre tax fbt = circa 15,600 in after tax dollars. I reckon on a gt4, you could nearly get insurance , rego, fuel for fortnightly smt runs to Maryville and probably servicing cover for the delta of $9500 in after tax dollars (assume brakes and tyres were in great shape when you brought the car). As mentioned above, we have haven't touched the sides on any other lease line item costs pre or post tax ( eg luxury car lease impost, lease admin costs, principle repayments (53% of loan value, novated lease company interest rates, circa 8-9%, pretax decustions savings and gst savings) . Even with the salry sacrifcing in pre tax dollarsa and gst savings, can't see those numbers getting you a red number compared to the 15,600 funded from after tax dollars. Then theres the opportunity cost kicker that not many talk about. Lets tone it down on say a 60k car. If on the top margin rate, I reckon you could structure a salary to have a 60k car and annual expenses financed via the circa 4% fixed mortgage (line of credit / offset) as well as covering $145000 worth of CSl shares salary sacrificed and having the same after tax pay compared to having a three year novated lease. So after three years, I would be quietly confident of being in front in terms of a free carried average first generation Boxster on the net profit after capital gains taxes on the CSL shares compared to the residual value of the 60k car in three years time when you buy out the residual (47%) and flog the leased car off in the second hand market. Now a 150k novated lease on GT4. Absolutely the wrong car to put on a novated lease. Reckon I would need a gross PAYG income of over a million to even entertain that.
  5. If the OP puts his target car up on a novated lease, unless its a lemon and in the workshop for a long time, isn't he up for circa $1150 per fortnight gross/ $600 net if he is on top marginal rate and we only have a fbt line on the first row of the novated lease costing spreadsheet. I would be pretty confident if you had a lease with the millionaires factory and mention it's for a P car, you will pay for it but age is not a constraint. For example they did'nt blink on a circa turn of the century boosted p car relative to the lease value of the car.
  6. A reflective view. Unless you own a business that's killing it or need to free up cash in the business/ leasing gives you a tax advantage, or you are on salary and at the top margin tax rate and could retire tomorrow, or you don't have the ability to fund a p car outright of your liking using mortgage offset dollars that you don't have anything else better to spend on (circa 4% money is cheap if you don't have the cash, but happy with a little bit of offsetting of your net assets down the track and still have access to offset mortgage account dollars which is just your defacto piggy bank), don't loose any sleep as I don't thinking you are missing out on anything. Cash is still king and leasing is likely to put a dint in your ability to grow your net assets. The me want it now / afterpay generation. I'd be interested to know the ratio of the value of cars (including leased cars) / net assets owned excluding the cars for those on salary who have a lease for more than 40k. I suspect the ratio is piss poor. eg not many with a ratio of circa 10% which I reckon is a pretty good go by.
  7. Regarding Australia being small, EU free trade, cars and greenies, a couple of years ago I worked on / at probably the biggest chemistry set in the world. The owners were the commercially screwd and savvy and could switch products depending on what market prices were doing. At the time they were foward looking and doing their third major tweak to their chemistry set. So one section was looking at gearing up to increasing euro vi fuel production output among other products that greenies arent fans of. Not convinced going foward, Oz are going to see some of these new Euro models land in the future at reduced pricing , particularly those euro models that incorporate particulate filters in their design as they are designed for euro 6 fuel (max of 10 ppm of sulfur) and oz fuels even 98 ain't cutting the mustard ( third world country dirty levels)and far from euro 6 spec fuel. 98 will destroy particulate filters in these euro models with engine performance being impacted and obviously ain't going to fly with dealers having to potentially replace particulate filters under any warranty requirements. So euro brands just wont offer some of these low emission/ fuel efficient models ( oz market too small) hence reducing the pool of models available. In relation to greenies I am surprised the greenies haven't pushed for better fuel supply eg euro 6 spec in this interim period until electric takes over. Or is it they are driving Tesla's and hybrids and walking the talk. Eg defacto uber drivers for these vegan activists suppling ride share services for free ( low emission ride sharing ) in going to and from these farms and putting stolen livestock on the backseat and no extra surge pricing fee.( boots are pretty small in those cars right?? ) Or are these vegans activists driving clapped out combi vans and wicked camper Van's that are blowing smoke for which greenies are giving them a one off moral dispensation. ( less direct methane emissions) Ps so do you reckon fossil fuel induced boosted p cars with last centuries tech and a third pedal are going to nose dive. They were about 340k new. Remove 1/3 for Oct 10% for gst and and 1/3 for depreciation and that means 5 figures. Plus I'm invisaging there going to be useless for the new generation. Eg why are their 6 numbers on that knob, why do I have two places to rest my left foot and how do I get it going backwards out of the garage again.
  8. Did you indeed take a risk with a 2 3 multiplier over that 18k one day later.
  9. As a strategy and to avoid any woulda could a should a, if keen why not put in writing an offer around 285k,, get a polite GF'd or we have knocked back offers for more than that. You might get an unexpected call in 6 weeks time for a serious negotiation which is South of 300k. It's only an asking price ???
  10. @symsy. Did you pick up this 997 turbo and hence the eagerness to offload at least one of your aircooled in the stable to make room.
  11. No. If that was a dynojet dyno they appear to have a reputation for being calibrated on the high side.
  12. US dyno??. Don't you need to apply a 20% reduction factor to get a true crank number.

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