Hi,
I'd like to help an employee purchase a new PHEV vehicle (currently FBT exempt but reportable) as part of his income.
He stands to make a substantial bonus this financial year to the value of approx 75% of the vehicle cost.
Is the company allowed to purchase a vehicle and have him salary sacrifice to buy the company car back utilizing his bonus and the regular payments pre-tax over the next few months?
Are there limitations on how much can be sacrificed?
Employees gross approx $175000 '24FY before sacrifices.
Vehicle cost is $56000 and will be sold to him at cost.
Would there be any other tax implications the company or employee should be aware of?
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186 views
1 replies