This time around, we shall cover Luxury Car Depreciation Limit 2022 Ato. Obviously, there is a great deal of information on Luxury car tax thresholds on the Internet. The rapid rise of social media facilitates our ability to acquire knowledge.

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  • It is important to structure salary sacrificing arrangements to be beneficial to both the employer and employee. This often involves the employer passing on costs associated with providing the benefit. One of these costs is the luxury car adjustment. This article discusses whether this adjustment is relevant to income tax exempt employers and whether the cost should be passed on to employees. - Source: Internet
  • Generally, where a luxury car is acquired by a financier then leases the vehicle to an individual (who then novates the lease to the employer), for tax purposes the employer is treated as having acquired the car at full value. The employer can only claim depreciation to the luxury car depreciation limit and then also claims deductions for interest expenses. This differs to the actual cost incurred by the employer (being the lease payments), and the difference is usually recouped as an LCA. The LCA is essentially the tax cost for the employer that relates to the loss of a full deduction for the lease payments. - Source: Internet
  • In general, the luxury car adjustment (LCA) is an amount added to novated lease salary packaging calculations due to the loss of income tax deductions for a taxable employer. Under the income tax rules, a leased luxury car is treated as a notional purchase with a loan, such that interest deductions are available but depreciation is limited to the luxury car depreciation limit (currently $57,581). No deduction is allowed for the lease payment. - Source: Internet
  • One of our employees has taken on a novated lease of a luxury car through ABCXYZ Leasing Co, a finance company. This employee has elected the operating cost method. The finance company has advised us that there is a ‘luxury car adjustment of 30%’. Is this adjustment required to be passed on to the employee as part of the operating costs attached to the vehicle? - Source: Internet
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