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Hi,
My friend dennis bennis has the option of salary packaging a car loan (approx $20K). My tax rate is mostly 17%, with some at 30%. Is it better to buy a car outright for cash (may get a discount) or is it better (financially) to get a car loan and pay the repayments from my pre-tax income. Are the tax savings going to be bigger than the interest repayments? There is a 5% fee to salary package.
Also, what would be the FTB implications? Or would a lease be better?
I am grateful of any assistance.
cheers,
Mr. Toad.
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