Good afternoon ATO.
We are a unit trust with employees who got salary packing on luxury cars.
Due to the limitation of depreciation up to the luxury car limit, our novated lease provider has included an amount for luxury car adjustment, which we deduct from our employee's pay but is not remitted to lease provider. The difference between what we pay lease provider and what we deduct from our employees is this luxury car adjustment relating to luxury car depreciation limits.
We'd like to want to know what would be the correct treatment of this deduction?
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3,429 views
3 replies