Car allowance/ company car

[damo1]

Thought there maybe a smart arse out there to help me with something.

Ive been offered a position with a car allowance and a company car.

The car allowance is 13k , my accountant says its unusual to get both and ill have to pay 32.5% tax
on anything not spent.

Anyone got any real word experience on this subject?

cheers damo

[wackyrider]

Not sure what the exact percentage is, but I have a car allowance and you have to pay quite a bit of tax an any documented unused amount.

[Yella]

It is strange to get both. In my experience its either a fully maintaned car i.e car+fuel, rego insurance and maintenance
or an allowance ( in my case $19,500). I have always pushed of a maintained car as the allowance won't cover all the costs for a car. Anything you spend over the allowance can be claimed back at tax time but anything under is taxed at a high rate (32.5% maybe correct).

[Large]

Sounds a bit weird, unless you're getting a CEO job at BHP or Rio where you and the misses both get Rolls Royces and your pay goes into a family "trust"

I think you might have misheard the offer. The car allowance we had at work for 10 or so years was good, but involved lots of paperwork, and if you wrote off your car you were obliged to pay for a replacement.

I liked the company car. You could leave it on the street, it never needed cleaning, oil or any fluids apart from petrol/lpg and if you destroyed it, you get a new one asap.

The guys with a car allowance reckon they made a coupla thou a year for their efforts tho'

[damo1]

Thanks guys,

Large i didn't misunderstand the offer.The offer is for a car allowance of 13k + a company car fully maintained i just have to cover off fuel, other than that all maintainance,rego,insurance,repayments are all cover by the business.

I'm thinking of just putting away 32.5% weekly to cover any tax that may need to be paid back at the end of the
year and that way i will get some/most /all of it if i spend it the 13k at yr end.

Another question, can i right off multipul vehicles?? Ie: bike rego,insurance,maintainence,running costs and fuel for the company car out of the allowance?

[RevHead]

i suppose if you could do sales pitches on your bike then it should be ok,lol

[Yella]

You can do dodgy and get fuel and parts for the bike/other car as long as the tax department don't pick it but don't think you will get rego and insurance past. Saying that I know a person that used a motor charge card in the past for all purchase that related to the car and claimed bread and milk purchased at the servo and it got pasted so depends on what you wanna try.

[damo1]

Pete:it aint a sales job

yella:interesting comments mate! there may be a way to claim most then

that gives me aomething to work with thanks boys

cheers damo

[StuNVA]

This sounds to good to be true, a car +$13k......., maybe not it's only about 700ks a month to chew through $13k pa for fuel and who knows what fuel will be worth after July 1st. I'm pretty sure that come June next year you could fill up a couple of 44s and the family wagon to cover any short fall.

[ALBI]

mate i wouldnt even take the deal i get company car with credit card unlimited klms and can take on hols, no rego no budgets,no nuthing,why should you pay tax !! on a car supplied by the company??

my mate doug gets 100 grand car allowance every 3 yrs and can do wat he wants ,has one sweet maloo ute but!!! if he goes over the allowance he pays but he does pay big time with tax

fuck em i say if a car is needed for you to do job why should you pay,just dont use after hours !!