Hi, If a company has 2 directors and the company has purchased two vehicles in the company name these 2 cars are on a lease, however the directors want to remove the cars out of the company name and put them in personal names but the lease needs to stay in the company name can this be done but the repayments will not be deducted in company tax return? Can this be done without triggering FBT?
Probably no? Wouldn't that be a FBT, the company is taking care of buying the vehicle?
You sound very confused about the entire issue and you should engage with a tax agent or accountant.
Hi @Mimz1234,
If the company provides leased vehicles for private use by the directors, it will probably trigger Fringe Benefits Tax (FBT).
Because the company holds the active lease:
Here's some info on our website that should help:
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