Kev's cunning plan.... How much????

[flappist]

Apart from the free $950 Kev's cunning plan inluded a 30% incentive on cap ex. With car rates in the 5-6 range I though it might be advantageous to aquire a new car and take advantage of "the good times".

I went to FPV and priced up a new F6......... shock..... $79,489 PLUS stamps PLUS delivery PLUS LCT on the extras PLUS rego PLUS insurance.

Admittedly that is RRP and there will be discounting but Holy Snapping Duck Poo Batman.........

So I thought I would spec up a GT, GT-P and GT-E to compare.

$80,263, $80,885, $81,235 respectivly........ eeeek

AND the SP was cheaper than F6 ute.

So now it comes down to numbers and of course is a new vehicle a cap ex .

[Iggypoppin']

a little confusing at the start...!! But thems the breaks it seems you are always gunna have something extra to pay afterwards

[Charliewool]

Flappist... The very 1st line puts you out of the running for this! :

Also... Are Cars eligible?? (read down)

To benefit from this tax break a small business must have a turnover of $2 million a year or less.

Small businesses will be able to claim a bonus deduction of 30 per cent for eligible assets costing $1,000 or more that they:

* acquire or start to hold under a contract entered into between 12:01am AEDT 13 December 2008 and the end of June 2009, or start to construct between these times; and
* have installed ready for use by the end of June 2010.

Small businesses will be able to claim a bonus deduction of 10 per cent for eligible assets costing $1,000 or more that they:

* acquire or start to hold under a contract entered into between 1 July 2009 and the end of December 2009, or start to construct between these times; and
* have installed ready for use by the end of December 2010.
* minimum expenditure threshold of $10,000 will still apply to all other businesses.

Eligible assets

The tax bonus will apply to tangible assets used in carrying on a business, for which a deduction is available under the core provisions of Division 40 (Capital Allowances) of the Income Tax Assessment Act 1997 (ITAA 1997).

Specifically, the deduction will be available for depreciating assets under section 40-30 that qualify for capital allowances under Subdivision 40-B, except for intangibles and rights that would otherwise be included by subsections 40-30(2), (5) and (6).

However, cars will not be disqualified from the allowance merely because they use the 12 per cent method.

Land and trading stock are excluded from the definition of depreciating assets, and will not qualify for the deduction.

[Charliewool]

Hmmmmm....... Reading that CAR eligibility line again... Are they or are they NOT?

[TZENU]

Sounds to me as they are included... We are currently going through the stages of researching all this for our company

[smasht]

i really dont understand what Kev Rudd is doing with giving money to some people but not others (i dont see the news and dont read the paper rnough) all i know is that if i get some of this money its either CC payment OR headers OR Tune - Prob CC payment tho :(

[XRQTR]

Originally Posted by flappist

I went to FPV and priced up a new F6......... shock..... $79,489 PLUS stamps PLUS delivery PLUS LCT on the extras PLUS rego PLUS insurance.

Admittedly that is RRP and there will be discounting but Holy Snapping Duck Poo Batman.........

So I thought I would spec up a GT, GT-P and GT-E to compare.

$80,263, $80,885, $81,235 respectivly........ eeeek

re the prices sounds like you might want to take a holiday in Vic as that's around $20K-$30K more than some of the yards are doing here, it's not uncommon to see FG GTs out the front with a mid 50K price splashed across the windscreen.

As for the elgibilty, the way I read it is that they are allowing the tax credit even though you can still claim depreciation on top of the credit.

[Polyal]

^^^ I was about to say the same thing RE price, thats a rip.

It doesn't matter how regional you are, thats OTT.

[Green X]

Originally Posted by smasht

i really don't understand what Kev Rudd is doing with giving money to some people but not others (i dont see the news and dont read the paper rnough) all i know is that if i get some of this money its either CC payment OR headers OR Tune - Prob CC payment tho :(

Exactly, my friend is a Journalist and cause of her starting wadge she get's the $950.

When i was a first year apprentice on less than F-all what did i get nothing!
Worked hard finished and got a good paying Job, and get taxed like a wounded bull for it. Now Pilbara iron decides to scale back projects. My contract is gone, so out on ya ****!!

Up to me to go and find another job, work the hours give up my social life and once again get raped on tax so Rudd can give Stimulus handouts. no really i'm glad my tax dollars are going to the young office workers too drink up on Saturday night and buy new cloths with wile I'm on a isolated mine site working for my money.

[flappist]

Re prices: I got them straight from the FPV web site and I did put the "before discount" disclaimer.

Also I included all the options I would actually buy, not the basic povvo pack. e.g. dead cow, 6 spots, reverso-throbatron, satnav, yada yada yada.

[XRQTR]

Since when have they had yada on the options list??

I still rekn you'd be maybe $10K-$15K better off even after options, unless of course you're going for a 24K gold badge and diamond keyring. :

[ebxr8240]

Funny how people get there head in a tizz when they find people are getting money..

[mrbaxr6t]

not all of us work in offices and have it cushy, I work as a security guard with ZERO entitlements (sick days holiday leave etc) and I work weekends long nights week in week out I have no social life either, I pay heaps of tax too and not a day goes by where I wish I could have a Monday to Friday job you are not alone mate.

[Smoke Pursuit]

When they introduced the 10% in december this is the info we got...


The Federal Government on 12 December 2008 via a press release introduced a temporary 10% Investment Allowance. Please note that the press release talks about draft legislation and full details are still to be determined.

It allows customers to claim an extra 10% tax deduction on equipment purchased. The investment allowance will apply to most types of new plant and equipment, including vehicles purchased between December 13, 2008 and June, 2009 and delivered before June 30, 2010.

On the 23rd of December a teleconference was held between industry members and Federal Treasury. Discussions around the investment allowance proposals centred on clarifying the principles contained in the press release and could be subject to change in a legislative bill, which is a matter for the government. Treasury advised that the draft legislation is planned to be available in mid to late January 2009 with the aim of introducing a bill when Parliament resumes in February 2009.

The Investment Allowance presents a strong opportunity to contact your customers and inform them of the pending change and the potential impact it will have on their capital expenditure planning for the new calendar year.

Due to the draft nature of the policy any conversations with customers needs to be subject to the legislation being passed.

Example of how the Investment Allowance is proposed to work:
“On 10 February 2009 a bakery enters into a contract to purchase a new oven at a total cost of $50,000 and with an effective life of 20 years. The oven is installed ready for use on 10 August 2009. When the business lodges its 2009-10 income tax return the taxpayer will be able to claim a deduction of $7,500 in respect of the oven; the first depreciation deduction of $2,500 ($50,000/20) using the straight line method; and the investment allowance of $5,000 ($50,000 * 0.1)”

Please Note: This example is how the treasury expects the Investment Allowance to work but is NOT legislation and is subject to change. All discussions with customers must clarify this.

But remember cars can only be depreciated up to the luxury limit of $57,180.. I am getting an advice on it atm as theres not a great deal of info available yet.

If you were to buy a commercial vehicle however, aka a Super Pursuit or F6 Ute, then the story is different...

[Smoke Pursuit]

Originally Posted by mrbaxr6t

not all of us work in offices and have it cushy, I work as a security guard with ZERO entitlements (sick days holiday leave etc) and I work weekends long nights week in week out I have no social life either, I pay heaps of tax too and not a day goes by where I wish I could have a Monday to Friday job you are not alone mate.

Thats your choice...

Try running your own business when all you do is pay tax... work 7 days a week and then have to wait to be paid... :

[flappist]

Yep it looks like it is crashing and burning all around me :(

And Mal deMer looks like blocking it anyway.......

Oh well.

[Burnout]

I'm just glad the "Milky Bar Kid" is such an 'Economic Conservative'.

Just imagine the deficit if he wasn't! :

[mrbaxr6t]

Originally Posted by bfiipursuit

Thats your choice...

Try running your own business when all you do is pay tax... work 7 days a week and then have to wait to be paid... :

my choice? yea I choose to support my family and this is all I can get till something better comes along........

you have chosen to run your own business which I would never do.

[XD 351 Ute]

Originally Posted by flappist

So I thought I would spec up a GT, $80,263,

Snipped out lots, but Reef City Ford in town has an FG GT in black sitting out the front for $59,999 drive away if you want it, saw it there this arvo.

Ed

[Green X]

Originally Posted by mrbaxr6t

not all of us work in offices and have it cushy, I work as a security guard with ZERO entitlements (sick days holiday leave etc) and I work weekends long nights week in week out I have no social life either, I pay heaps of tax too and not a day goes by where I wish I could have a Monday to Friday job you are not alone mate.

Never intend to say i was alone brother. Just feel there are better ways to do things than giving a different handout every 2 months.

[XDV800]

[QUOTE=charliewool]
Small businesses will be able to claim a bonus deduction of 30 per cent for eligible assets costing $1,000 or more that they:

* acquire or start to hold under a contract entered into between 12:01am AEDT 13 December 2008 and the end of June 2009, or start to construct between these times; and
* have installed ready for use by the end of June 2010.

Small businesses will be able to claim a bonus deduction of 10 per cent for eligible assets costing $1,000 or more that they:

* acquire or start to hold under a contract entered into between 1 July 2009 and the end of December 2009, or start to construct between these times; and
* have installed ready for use by the end of December 2010.
* minimum expenditure threshold of $10,000 will still apply to all other businesses.

Umm mate that [B] part is incorrect. Makes no sense.
K-RUD wants this financial year to come back to life by instilling the part [A].
Part [B] actually suggests that purchases made after July 1st 2009 will be eligible for a REDUCED deduction rate of 10%, down from the lets-get-this-party-started 30% as described in part [A]

But then it is all a bit much for the oppositions parties of course so it will probably get canned.

[irish2]

Originally Posted by Burnedout

I'm just glad the "Milky Bar Kid" is such an 'Economic Conservative'.

Just imagine the deficit if he wasn't! :

The deficit ends up worse when governments sit on their hands and do nothing i.e. the great depression. The thing that ended it all was a massive amount of goverment spending called World War 2.

[Scott]

Originally Posted by Burnedout

I'm just glad the "Milky Bar Kid" is such an 'Economic Conservative'.

Just imagine the deficit if he wasn't! :

We'd all be better off if he spent $X billion on a mega shopping spree then ditched his basket O/S at some stupidly cheap price to re-coup some of our money.

Bosses get income, staff keep jobs, some gangsta in Jersey gets a nice Akubra for $20 and at the end we get 25% of our $X billion back in the Govt's hot little hands.

[Burnout]

Originally Posted by irish2

The deficit ends up worse when governments sit on their hands and do nothing i.e. the great depression. The thing that ended it all was a massive amount of goverment spending called World War 2.

You cannot compare this to the Great Depression, the financial markets and regulations are completely different.

We, Australia, are not in recession as yet. The only people talking all the FEAR are the Government & the Media.

[ivorya]

Originally Posted by GTP006

We'd all be better off if he spent $X billion on a mega shopping spree then ditched his basket O/S at some stupidly cheap price to re-coup some of our money.

Bosses get income, staff keep jobs, some gangsta in Jersey gets a nice Akubra for $20 and at the end we get 25% of our $X billion back in the Govt's hot little hands.

Well Said!!!!

[Burnout]

Originally Posted by GTP006

We'd all be better off if he spent $X billion on a mega shopping spree then ditched his basket O/S at some stupidly cheap price to re-coup some of our money.

Bosses get income, staff keep jobs, some gangsta in Jersey gets a nice Akubra for $20 and at the end we get 25% of our $X billion back in the Govt's hot little hands.

There may be votes in this!

[irish2]

Originally Posted by Burnedout

You cannot compare this to the Great Depression, the financial markets and regulations are completely different.

We, Australia, are not in recession as yet. The only people talking all the FEAR are the Government & the Media.

It is also known in economics that any change in policy i.e. taxes, interest rates, take over 1 year to see any result in real economy. The government is smart enough to realise that in a years time, things will be far harder to rapair. If your tyre has the steel belts showing do you fix it before it lets go, or wait?

[fat289]

Order the base GT 1 day & go back the next day & order your options = no LCT on your options

[flappist]

Originally Posted by fat289

Order the base GT 1 day & go back the next day & order your options = no LCT on your options

[Smoke Pursuit]

Originally Posted by fat289

Order the base GT 1 day & go back the next day & order your options = no LCT on your options

How does that work...