Anyone Work for a NSW Council, How Does Leaseback Work for a Vehicle?

seraphim2017 on 24/06/2021 - 18:45

Just wondering if anyone can explain how leaseback for a vehicle works and if it is a good deal? Always owned my vehicles outright but a role I've seen comes with one (a fair bit of driving around).

Wondering if they take it pre tax, post tax, what it does to to end of year tax bill etc? I do low personal mileage normally (around 7k a year).

Anyone on here have that set up and can give me any info? The calculations seem complicated to me!

From what I can work out, vehicle costs X per week from salary, more $ for bigger car, Inc everything and fuel across the country using fuel card.

Financial

Comments

  • AndyC1 on 24/06/2021 - 18:56

    Ask the leasing company.

    • knobbs on 25/06/2021 - 09:33
      -1

      If you ask the leasing company they will say you will make money leasing lol

  • Drakesy on 24/06/2021 - 19:03

    From when i last looked into it (WA government) it wasn't worth it unless you really put serious k's (>10,000km/year) into it and were earning over $100,000. Yes there's money to be saved, but unless you were definitely going to buy a new vehicle anyway the depreciation hit isn't really worthwhile.

    The government cracked down on salary sacrifice benefits of vehicles and unless you're a tradie with the ability to 100% write-off it's not really worth it.
    If your current car is reliable enough stick with it.

  • sl2010 on 24/06/2021 - 20:31

    I currently am doing this.
    Mine is post-tax, but depends on the council.
    Small cars are cheaper, medium a bit more, large the most expensive.
    Fuel and all maintenance are taken care of.
    For me the calculations were easy as i do a lot of K's each year.

  • seraphim2017 on 25/06/2021 - 14:21

    So. Does that mean, if I don't do many personal k's, the a leaseback makes less sense than if I did a lot? (Is it better to do more work k's than personal k's it the other way round?)

Login or Join to leave a comment
Login Join