Purchasing car with P/L company, 0 business use

[henryjoshua]

I'm in the market for a new car (looking to spend about 30$k) and I'm wondering if there are any advantages to doing it under my P/L (sole shareholder/director) given that I have absolutely 0 business use for it. Would there still be some potential advantage to be had despite FBT? I don't draw a salary from the company, just dividends, and I am registered for GST.

Thanks for the insights

 

[olaitan]

@henryjoshua You need to crunch the numbers to see if the benefit outweighs the FBT.

 

[henryjoshua]

@olaitan Given that FBT is 47% this will basically never make sense right? Or are there some other factors I need to consider? I wish there was one way I could justify at least some business use but my business is 100% software so, yeah

 

[olaitan]

@henryjoshua Give me an estimate yearly cost for fuel, ins, rego and repairs and I can put the numbers together.

 

[henryjoshua]

@olaitan Lets say 2.5k for fuel, 1.5k for ins+rego, 1k for repairs?

Is this going to be a novated-lease scenario here though, and does that make sense given I'm not PAYG at my own company and will be liable for FBT?