Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
If a new car has a novated lease for 1 year and then another novated lease is entered for another 1 year, then will the residual value at the end of the second lease be 65% of the residual value at the end of first lease or 56% of the original car value. That is,
- Case 1: Residual value at the end of second one-year lease is 65% of the financed value for this lease (or the residual value at end of first one-year lease)
- Case 2: Residual value at the end of second one-year lease will be 56% of the original purchase value, that is the two separate one year leases will be counted as a single two year lease
Which of the above two cases will be applicable? Thanks