Big trip in a leased vehicle

Mossman
Check on the modifications with your accountant, ATO or lease company.
I was told that all mods had to be before handover and included in the purchase price from the dealer by the lease company my employer used.

I had to fight hard to get a roo bar accepted as a deduction post purchase, eventually got it, but could justify it. Don't think I would have had the same luck if trying to claim a 2nd battery install or rear draws post purchase.

Mark

G'day, not sure you can claim mods, I can only claim replacement parts on my novated lease car. I would get mods done before purchase so they can be included in the lease costs, or check that mods can be claimed. I have travelled for three months with my lease car, no problems at all. Enjoy your trip. John

Hello Friends,

Well Come to you. I am a new member here. I hope all friends will cooperate with me in this community.

Thanks!
Alex Ochoa

Hi Mossman,

Hubbie and I have recently completed a 3 month trip up the centre and west coast in a vehicle on a novated lease. Our lease also has an after tax element to it. We increased our payments prior to trip to help cover fuel expenses. We covered just over 21,000 klm's and the final fuel cost was just over a 5 thousand dollars. Not having to worry about the costs of fuel, maintenance and and any repairs that may have been needed made for a more enjoyable trip.

Whatever modifications you want to the vehicle I would suggest including at the time of purchase.

Cheers

Kerry and Steven

Hi Mossman,

Have you checked out the new rules for novated lease vehicles? The old 15K, 25K & 40K distance travelled FBT rates have all changed, now its all equivalent to 15K distance :(

My vehicle is currently on the 25K distance FBT rate and it used to be tax effective to buy a vehicle this way. My lease expires next year and I have to move on to the new rules, means there is very little incentive to use a novated lease compared to just buying the vehicle. Usually one can get a much better interest rate direct than the one offered by a leasing company - the tax break made the higher interest rate effective, but now I see very little benefit, especially for any vehicle that is above the luxury tax threshold.

Point being, if you are re-leasing it is best to do your sums carefully as it may not be in your interests to novate lease now. But if the sums still come out in your favour, there certainly are ways to have virtually any expense covered within your lease.

Cheers

Captain

How do you think I feel being in the >40 000km bracket. Lease companies just didn't understand the higher kms should also reduce the residual value. One reason I am hanging onto my vehickle for longer, the some brands make wonderfully reliable vehicles.

I'd check with your bean counter and or the ATO.

I'm a tradie and was able to claim after market items.
I needed that inverter to charge my makita batteries.
The fridge keeps my lunch and drinks cold.
Drawers were essential for all my tools.
Roof racks are a necessity.
Mud tyres for dirt road driving and muddy building sites.
etc etc.

I also got out of leasing and use CHP now. No GST.
Some can, some can't.
Depends on your employment status etc etc.
Do some checking first, it could save a lot of money.

Hi Mossam
Did a 3 month trip a few years back in a novated lease vehicle. The only mnor issue was the lease company we were with only had Caltex or BP fuel cards. Once we were up north they were not common and we had to tax receipts and claim re-imbursments which we did when we got home. I seem to remember we had to claim a couple of thousand at the end.
We we able to do modifications to our car when we first ordered it in 2007 and for a period of time aftewards. In about 2010 the rules changed and we were no longer able to claim any modifications. Suggest you check with lease company
Cheers
Daz