When entering into a novated lease arrangement it can be easy to have fireworks going off in your head about getting that new car. However, there are a few cautions to be aware of for both the employee, and the employer. Most people don’t pay attention to tip number 4.
If you have an associate lease arrangement with your employer, and you are the associate, how do you complete your income tax return? In this article we go step by step through the income and allowable deductions to complete your income tax return.
It can be quite exciting on the cusp of a new car purchase, especially when there’s a slight financial advantage to doing so, but before you jump into signing on the dotted line, you might want to check an unbiased independent calculator first to determine whether the new novated lease arrangement will truly be worth it for you.