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Suncorp Experience

bcl

By bcl,
in R35 GTR

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bcl Contributor

bcl

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Posted

This thread was about a company purchase, and you need to look at it differently from a private purchase.

For each $1 dollar spent out of the company cash pool there is a corresponding 43 cents in company tax that needs to be paid.... i.e it needs to be grossed up.

Brian

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BND Apprentice

BND

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As far as the tax deductibility of a car lease goes. There is no dodginess to it and you don't have to lie about anything. In fact until 7:30PM last Tuesday night, if you novated a lease on a vehicle, the only tax anyone travelling more than 25000 kms per annum paid on their car was levied at their own marginal rate on 11% of the purchase value of their vehicle. So in a nutshell if the cost of running your car (including lease payments, petrol, rego etc) was more than 11% of the purchase price of the vehicle then you were effectively getting the running costs over that 11% fully tax deductible no matter how many of those kms were for travelling to or from work or private purposes. Mr Swan or Brown or whoever is running this government has now decided to make that figure 20% no matter how far you travel which is the same as if you travelled between 15000 and 25000 kms annually before the budget. You'll find it's still better to lease than own privately because I've yet to find a car that costs less than 20% of its value to run but it's clearly not as good a wicket as it was before last Tuesday night if you travel more than 25,000 per annum.

Have actually enjoyed reading this thread - thanks!

I've had four novated lease cars in the past and would generally do over 25,000p.a., but am a little out of date and these days would do less than 15,000kms pa. Did the change impact those who would only fall into the 0-15,000 bracket?

fungoolie Community Regular

fungoolie

Posted
Posted

Have actually enjoyed reading this thread - thanks!

I've had four novated lease cars in the past and would generally do over 25,000p.a., but am a little out of date and these days would do less than 15,000kms pa. Did the change impact those who would only fall into the 0-15,000 bracket?

No you're one of the few people that the change advantaged.

fungoolie Community Regular

fungoolie

Posted
Posted (edited)

I drive under 10,000km/year. (business and pleasure combined) Is it still beneficial for me? I have no idea.

Novating a lease would be beneficial for you. Previously you would have been levied with FBT on 26% of your vehicle's value. Now it's 20%. If your car has running expenses greater than 20% of it's purchase value. (This includes interest and depreciation, maitenance and petrol) then you will be better off leasing than purchasing outright "privately".

Edited by fungoolie
bcl Contributor

bcl

Posted
  • Author
Posted (edited)

yeah some posts would!

With regards to site rules:

Defamatory remarks made towards businesses or individuals will not be tolerated on this website -

OK

We understand that if you have had a bad experience with a business you want to warn other people of said experience.

True

Unfortunately, the same publicly expressed opinion could be viewed as libelous

I did not express an opinion; it was factual and based on real experience with regard to a GTR R35 purchase. I keep details records & emails of all correspondence.

It is very relevant to this forum.

and/or constitute an attempt to deter business from any individual or business.

Argumentative. In this case borrower beware if trying to finance a GTR R35 through Suncorp, if my experience is any guide to current policy.

Like many banks that company's policy may change in the future.

Brian

Edited by bcl
Beer Baron Grand Master

Beer Baron

Posted
Posted

sadly yes it does sail close to the rules. they are not about what's fair or about preserving free speech. they are purely in place to protect this forums (private) owner from law suits and claims of libel being posted on his forum. it has happened in the past and some businesses take it very seriously and can be highly litigious. it does seem a bit harsh but that's the way it is.

having said that I'm pretty sure kutok posted that remark as the thread wasn't going the way he liked. and given no other complaints to date I'm inclined to leave this thread be for now.

edit: on second thought I did 'lightly' moderate your thread title and 1 word in your post to tone it down a touch. basic gist of things is intact and the thread can stay as a discussion for now.

Beer Baron Grand Master

Beer Baron

Posted
Posted

due to a complaint from another user I've had to remove some derogatory posts from this thread. I don't like being heavy handed but some posts did break the rules and those have been removed. the rest of the thread stays (for the time being) as it has some interesting discussion and information that people may want to read. no one is getting any bannings or warnings as I don't think there was any malice behind things.

kymbo Collaborator

kymbo

Posted
Posted

Ultimately, each to their own, and why there are so many opinions here.

The financing facility I have set up would probably surprisemost, but I do what suits me best.

I think a lot of the views expressed here are from a lot ofguys that don't run their own business, nor into financing arrangements, nor have any experience with financial creativity.

I won't go into the full saga with Suncorp, but they did subsequentlyoffer me a loan, and wanted security as well as a fixed and floating charge ofmy company assets. And that was after offering to pay 30% upfront. They arereally an incompetent company. That was enough.

Went back to the dealer. Nissan would not offer me thefacility I wanted , even though their loan rate was low, and it would have togo to Japan for approval. The dealer sorted out the finance I wanted through StGeorge, no security required, no fuss, and all within 48 hours.

Picked the new MY11 up on Friday, done 1500km in 3 days, with some good driving around the high country in N.E Victoria;awesome car.

Brian

G'day Brian

A little birdy tells me you took a long 'run in drive' and are addicted to acceleration!

Glad to hear your loving it.

If you haven't already heard, I took our mutual friend for a spin in my GTR around QR on the Power cruise day. We had fun.

Hope to catch up with you again one day. Drive safe!

Kym

Kujotk Grand Master

Kujotk

Posted
Posted

having said that I'm pretty sure kutok posted that remark as the thread wasn't going the way he liked.

??? I am on the fence on this subject, for me Finance is a waste of time, but as I already said it may be financially smarter to finance for some other people in other situations.

So no I didn't post that remark because I didn't like how the thread was going? I hadn't looked at this thread in weeks or months. I only thought about the defamation side of things and breach of forum rules the other day while sitting in traffic and looking at a Suncorp billboard. As I was once an Exec in SAU NSW, we were always on the look out for such posts so SAU doesn't have any issues.

Seeing as you have altered parts of the thread I guess I was right about forum rules, not that I think it is the right thing to do as it benefits all of us of which companies to avoid dealing with. I guess those rules also stop false negative experiences as well. :thumbsup:

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