+ Reply to Thread
Page 1 of 4 123 ... LastLast
Results 1 to 10 of 34
  1. #1
    Join Date
    Aug 2009
    Location
    Brisbane, Queensland.
    Posts
    2,173
    Thanks
    330
    Thanked
    670
    Reviews
    5
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts

    Default Help! Any tax accountants able to answer a Q about an associated lease?

    Hi ladies, I normally do our taxes myself but we have an associated lease and I have a question about the lease payment amount vs the depreciation table I have been provided.

    Is there anyone that could kindly answer a question for me so I don't lose sleep at night worrying I'll owe the tax man??

    Tia

  2. #2
    Join Date
    Aug 2009
    Location
    Sydney
    Posts
    2,293
    Thanks
    1,408
    Thanked
    1,320
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    You can PM me if you like

  3. #3
    Join Date
    Aug 2009
    Location
    Brisbane, Queensland.
    Posts
    2,173
    Thanks
    330
    Thanked
    670
    Reviews
    5
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Thank you!! I've pm you but can't work out how to attached the photos

  4. #4
    Join Date
    Nov 2016
    Posts
    58
    Thanks
    146
    Thanked
    85
    Reviews
    0
    Hi, don't think that you are entitled to deductions from the novated lease or associated lease as the tax was not paid on that part of income to finance the car. And don't include the payment in your income too. If that's the question.

    If you are worried about fringe benefit tax, the company who does the associated lease should have done all the calculation for you and included the amount in your payment. However, if not certain, just give them a call and confirm.

  5. #5
    Join Date
    Aug 2009
    Location
    Brisbane, Queensland.
    Posts
    2,173
    Thanks
    330
    Thanked
    670
    Reviews
    5
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Thank you @Applemummy I was told that I declare the 'rent' as my income and the depreciation amount is my expense. They "should" cancel each other out but I've noticed the rent part doesn't decrease over the years it stays the same while the depreciation reduces??

    This was my original question:

    I'm just so confused with our associated leases. We have two in place, but let's just use one as an example. My husband is the lessee and i am set up as the lessor. We have lease payments salary sacrificed to cover the vehicle "rent". I have a depreciation table set up which shows less depreciation I can claim each year. But the rent payments never decrease. So when I do my tax I'm worried that I will have received more rent payments than I can claim depreciation against. Am I understanding correctly or is there another way I should interpret this?

    Please excuse all the FB like stickers I've placed over our personal details. I couldn't see anything else in a rectangle shape!!

  6. #6
    Join Date
    Aug 2009
    Location
    Brisbane, Queensland.
    Posts
    2,173
    Thanks
    330
    Thanked
    670
    Reviews
    5
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts

    Default Help! Any tax accountants able to answer a Q about an associated lease?

    -
    Last edited by nicole83; 04-05-2017 at 19:10.

  7. #7
    Join Date
    Aug 2009
    Location
    Brisbane, Queensland.
    Posts
    2,173
    Thanks
    330
    Thanked
    670
    Reviews
    5
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts

  8. #8
    Join Date
    May 2010
    Location
    Sutherland Shire Sydney NSW
    Posts
    2,319
    Thanks
    352
    Thanked
    1,729
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by nicole83 View Post
    Thank you @Applemummy I was told that I declare the 'rent' as my income and the depreciation amount is my expense. They "should" cancel each other out but I've noticed the rent part doesn't decrease over the years it stays the same while the depreciation reduces??

    This was my original question:

    I'm just so confused with our associated leases. We have two in place, but let's just use one as an example. My husband is the lessee and i am set up as the lessor. We have lease payments salary sacrificed to cover the vehicle "rent". I have a depreciation table set up which shows less depreciation I can claim each year. But the rent payments never decrease. So when I do my tax I'm worried that I will have received more rent payments than I can claim depreciation against. Am I understanding correctly or is there another way I should interpret this?

    Please excuse all the FB like stickers I've placed over our personal details. I couldn't see anything else in a rectangle shape!!
    So your husband claims the rent paid to you as a tax deduction? Am I reading that correct?

  9. #9
    Join Date
    Aug 2009
    Location
    Brisbane, Queensland.
    Posts
    2,173
    Thanks
    330
    Thanked
    670
    Reviews
    5
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by nattie84 View Post
    So your husband claims the rent paid to you as a tax deduction? Am I reading that correct?
    No. It's on my tax return. So my income = the rent of vehicles then expenses including depreciation should cancel the rent out meaning I don't pay any extra tax.

  10. #10
    Join Date
    May 2010
    Location
    Sutherland Shire Sydney NSW
    Posts
    2,319
    Thanks
    352
    Thanked
    1,729
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Probably best to speak to your accountant as it doesn't really make sense to me but it's hard without having the full picture


 

Similar Threads

  1. Help! Any accountants or bookkeepers online?
    By ArthurDent in forum General Chat
    Replies: 20
    Last Post: 12-07-2014, 13:38
  2. Replies: 5
    Last Post: 21-01-2013, 21:02
  3. Any tax savvy people that can answer my question?
    By headoverfeet in forum General Chat
    Replies: 1
    Last Post: 27-09-2012, 17:38
  4. Replies: 6
    Last Post: 29-12-2007, 17:42
  5. Replies: 0
    Last Post: 28-12-2007, 18:07

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
FEATURED SUPPORTER
Little Rugby NSWCatch, weave, chase, run, but most of all have FUN! Little Rugby runs a NSW network of fun, safe and non-contact footy ...
REVIEWS
"Made bed time less anxious"
by Meld85
My Little Heart Whisbear - the Humming Bear reviews ›
"Wonderful natural Aussie made product!"
by Mrstwr
Baby U Goat Milk Moisturiser reviews ›
"Replaced good quality with cheap tight nappies"
by Kris
Coles Comfy Bots Nappies reviews ›