Whats my GTI Worth??

[dodgeGTI]

You can avoid fringe benefits if you make personal (post tax) contributions equal to the amount of FBT. That amount you contribute is taken away from the amount you salary sacrifice.

[Timbo]

You can avoid fringe benefits if you make personal (post tax) contributions equal to the amount of FBT. That amount you contribute is taken away from the amount you salary sacrifice.

Unfortunately, depending on your marginal tax rate, this can be a real zero sum game. It works best when you are on a low marginal rate....but then you have less after tax income to make the contribution, although this depends on whether you are also making a superannuation salary sacrifice. Best to speak with a tax adviser, as it can become quite complex.

(holds self back from indulging in a rant on the absolute bloody stupidity of FBT regulations, which penalise people for driving less....using less fuel.... )

[VW Convert]

(holds self back from indulging in a rant on the absolute bloody stupidity of FBT regulations, which penalise people for driving less....using less fuel.... )

Agreed, I had to take a few long country drives in March to make sure I racked up the mileage to avoid the higher FBT. Of course long country drives in the Jetta are most enjoyable but it is farcical that I have to rack up more kilometres to save some thousands of dollars in FBT.....lunacy is the word that comes to mind.


Cheers

George

[PeterHBne]

The whole novated lease thing is a bit of a mind fark - it takes a bit to get your head around it.

As the guys are saying, you must know how many kms you will do in a year to see if it's worth it for you. Low km's makes the sums hard to work.

Definately do your own reading and seek advice. I guy I know underestimated his kms and got a nice little $4,000 FBT bill.

[VW Convert]

The whole novated lease thing is a bit of a mind fark - it takes a bit to get your head around it.

As the guys are saying, you must know how many kms you will do in a year to see if it's worth it for you. Low km's makes the sums hard to work.

Definately do your own reading and seek advice. I guy I know underestimated his kms and got a nice little $4,000 FBT bill.

Absolutely right, I keep a spreadsheet that calculates a daily target mileage and tells me how far behind I am.

Cheers

George

[Timbo]

Absolutely right, I keep a spreadsheet that calculates a daily target mileage and tells me how far behind I am.

Cripes, George -- I think you're more anally retentive than me

[Lukev85]

Redbook puts a July 2006 16,000km Polo at $23,200 average private sale for a top figure.

Given you have leather and sunroof, you might be able to squeek $25,000 but remember that redbook averages include all options because it is the average price range for the model regardless of what options it has.

If you put it on the private market for $24,000 it'd sell. If you trade it in you are looking at $19,000. It really sucks for you man because you just copped the new car depreciation!!!

I'd keep it as a fun car, or get a company car below the spec offered and they should pay you the difference between your car's costs and the standard for your job grade.

I agree with this. If it has a full vw service history and is immac i reckon somewhere round the $26,000 mark as a private sale. Do not trade it in as u will get s*#t all, and a dealer will make a killing on it.

But i reckon keep it. Its always good to have a reliable car on the side.

[VW Convert]

Cripes, George -- I think you're more anally retentive than me

Mmmm...let me see, 2 choices......keep track of mileage or pay an extra $4,000 in FBT......tough choice! LOL

Cheers

George

[GT3]

I think you're more anally retentive than me

..there's no fear of that occuring Tim, you'd pass the chequered flag way ahead of the field ..well maybe I'd be a close 2nd, dunno

[GT3]

George, with a megabuck towbar installed, why on earth would you even comtemplate selling the car and parting with such a sort-after performance mod?

[VW Convert]

George, with a megabuck towbar installed, why on earth would you even comtemplate selling the car and parting with such a sort-after performance mod?

Must admit I nearly choked when I got the price for it, absolute bloody rip off!
It has actually been a poor investment, but I have a 4.3 metre catamaran so I need a towbar. Problem I have is that since my wife came on the cat with me for the first (and last) time, (she is a non swimmer) and we cartwheeled it spectacularly on Lake Macquarie (first time I'd ever put it over) I've hardly used it! Of course she won't come on it EVER again!

I also have a box trailer that I've only towed a few times with the Jetta so I reckon it would have been cheaper to have hired a truck to carry what I had to!

Will think long and hard when the lease is up, thinking Eos with no towbar.

Cheers

George

[Timbo]

..there's no fear of that occuring Tim, you'd pass the chequered flag way ahead of the field ..well maybe I'd be a close 2nd, dunno

Hang on...read what George said...he has a spreadsheet with his weekly target mileage!! That outdoes me

[GT3]

Hang on...read what George said...he has a spreadsheet with his weekly target mileage!! That outdoes me

well, if George actually polishes his towball, then he wins hands down

[Timbo]

Oh duuuh! Everyone polishes their towball.......don't they?

[MR-GTI]

Hey all, Sorry for the late reply..

Thanks for all you help and advise, the good news is the company have agreed to let me keep the GTI and pay me a car allowance. No need for salary sacrafice, actually I was negotiating more money, so all is good.

I should have the final offer within the next few days.

Thanks again and hopefully the Polo lives on !!!.

Regs MR-GTi