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- leases of luxury cars accrual amounts…………………………………………………………….. 242‑35 adjustment amounts (lessee)…………………………………………. 242‑70 adjustment amounts (lessor)………………………………………….. 242‑65 - Source: Internet
- A luxury car is one whose market value exceeds the car limit set for a car’s capital allowance deductions by section 40‑230. If the lessor of a luxury car is tax exempt, or taxed at a lower rate than the lessee, the lease could be structured to give both parties a better after‑tax outcome than if the lessee had bought the car. The lessee could fully deduct the lease payments, thereby avoiding the capital allowance limit for luxury cars, and the lessor would receive higher lease payments. This Division removes the tax benefit for the lessee by putting both parties in the same position as if the lessor had sold the car to the lessee and lent the lessee the purchase price. - Source: Internet
- The lessor’s assessable income includes the interest on the notional loan. The lease payments to the lessor are non‑assessable non‑exempt income. Note: If the consideration for a notional sale of a car exceeds the adjustable value of the car to the lessor, the excess will be included in the lessor’s assessable income under section 40‑285. There would be a similar result if the lessor is treated as having reacquired the car and then sells the car for more than the cost of reacquisition. - Source: Internet
- When a luxury car lease is extended, renewed or ends, the overall nominal gain to the lessor is compared to the nominal interest so far paid under the lease. If the overall nominal gain is greater, the difference is assessable income of the lessor, and the lessee may be able to deduct it. If the overall nominal gain is less, the lessor can deduct the difference, which may also be assessable income of the lessee. This process ensures that the right amount has been taxed over the term of the lease. - Source: Internet
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