Peter's FBT is calculated as: (33,000 x 0.2 x 300) / 365 = $

Size: px
Start display at page:

Download "Peter's FBT is calculated as: (33,000 x 0.2 x 300) / 365 = $5424.65"

Transcription

1 Car Salary Packaging using Novated Lease What is a Novated Lease? A novated lease is a three-way agreement between your employer, employee and the financier, where the employer takes on the obligation to meet the repayments under the finance. With a novated car lease agreement, the employee owns the vehicle and has the right to take it with them if the employee changes job, including the lease liability. As the whole cost of the vehicle ownership is packaged into the employee's salary under a novated lease, there are potential tax savings to take advantage of but there's also the benefit of having a regular payment structure for all ongoing repairs and maintenance. Level 27 Rialto South Tower 525 Collins Street MELBOURNE 3000 Tel: Fax: Lease Agreement Between Employee and Financier Employee Agreement of Novated Lease Salary Package between Employee and Employer Financier Employer FBT (fringe benefits tax) calculations Novated Lease Payment between Employer and Financier Fringe Benefits Tax (FBT) is paid on certain benefits employers provide to their employees in place of salary or wages. Note: Most employees will have NO FBT to pay on their Novated Lease if it is setup on the Employee Contribution Method and they achieve their target km bracket FBT percentage is 46.5% and there are 3 ways to calculate FBT Statutory, ECM and Operating Costs 1. Statutory Calculation Formula The Statutory Calculation Formula (see below) is dependent on the number of kms the employee will drive per annum regardless of whether they are for business or pleasure. The taxable value of the car benefit = car value x the following statutory rate (s) determined by annual kms used. ICBAustralia is a member of ICBGlobal Page 1 The Institute of Certified Bookkeepers Ltd is a member based company limited by Guarantee. ABN

2 Note: If your Novated Lease begins or ends part-way through an FBT year, the Statutory Percentage is based on the kilometres you would've travelled if your driving patterns had remained the same throughout the year, and the FBT Liability is calculated as a pro-rata amount. The statutory method makes no distinction between private and business use. It is therefore the more appropriate method to use where a vehicle has high private use. EXAMPLE: Peter has a car on a novated lease with a capital value of $33,000. He has travelled 23,000km during the FBT year and arranged for his car to be available for just 300 days of the year. Peter's FBT is calculated as: (33,000 x 0.2 x 300) / 365 = $

3 2. ECM Calculation Formula: The Employee Contribution Method (ECM) of calculating Fringe Benefits Tax (FBT) is used to allow employees to partly or completely pay vehicle costs using post-tax contributions. Employee contributions made in post-tax dollars can be used to reduce the FBT Taxable Value, and the associated FBT Liability. EXAMPLE: Bryan's FBT liability on his $33,000 vehicle could be deleted entirely by making post-tax contributions. Bryan's FBT liability is $ but he can make post-tax contributions of up to $7, Operating Costs Formula: ($33,000 x 0.2) = $6600 plus 10% GST = $7,260 The Operating Cost Method is used for cars that have a mix of business and private use and requires the maintaining of a Log Book to the ATOs standards. FBT is calculated on private use % of running costs. Note: If you mainly use your vehicle for private travel, using the Statutory Formula Method will produce a lower taxable value than using the Operating Cost Method. Example of results for different methods used:

4 Employer Benefits Cost neutral to employer Lease payments are fixed for the term of the lease Employee Benefits Convenience: Included in regular salary deductions Lease payments are fixed for the term of the lease Flexibility: Employees can choose the type of vehicle Employees can select the term of the lease Employee s Novated lease is portable to another job Save Money: Vehicle finance and running costs are paid using pre-tax dollars Vehicle are finance NET of GST Employer Responsibilities and Requirements Requirements A company policy on Salary Packaging An arrangement with a Novated Lease supplier Designated Authorised Persons who confirm eligibility of employees Nominated contact people for operations of Novated Lease ie HR, Payroll, Tax, Finance Responsibilities Let employees know they have Novated Leases available Authorises new or changed packages Carries out agreed salary deductions Sends salary deductions to lease company Deducts FBT Submits FBT return to ATO Reports Taxable Benefit on Group Certificates Advises lease company if an employee is going to be leaving (ASAP) Employee Responsibilities and Requirements Requirements Authorised by the Employer to participate Eligible under the Employer s company policy Finance approval usually required Permanent Employee Australian Resident Long Term 457 Visa holders (conditions apply) NOT APPLICABLE to Casuals and Outside Contractor NOT APPLICABLE to Probationary Employees

5 Responsibilities Chooses a car and package Seeks independent financial advice Agrees to salary deductions Responsible for the car during the lease Responsible for car costs if they leave the employer Responsible for residual at end of lease Responsible to return vehicle to Lease Company Required to submit odometer readings Bookkeeper/Payroll Setup and Operations: 1. Setup a Deduction from payroll, exempt of PAYGW, which is allocated to a new Liability account for the Novated Lease. This account will capture the payment deducted from employees pay, towards the novated lease 2. For the normal monthly payment to the Financier: Add a recurring payment 3. This Payment to the Financier should be posted to the Novated Lease liability account. 4. W1 should show the reduction of salary. 5. The Grossed up value of the FBT attributable to the car under the Novated Lease is to be included in the end of year payment summaries if >$ In each pay run the normal gross of the package should be disclosed then the salary sacrifice amount shown as a deduction. (Alternatively some only disclose the reduced package in the payroll system. In summary, Novated Leases is a great tax effective way of rewarding your employee and building a good relationship between employee and employer. The comparison of costs should be undertaken References: SGfleet seminar Novated Lease ATO Vehicles purchased under Novated Leases

INTRODUCING MAXXIA MYCAR A GUIDE TO NOVATED LEASING AND SALARY PACKAGING THE CAR YOU WANT

INTRODUCING MAXXIA MYCAR A GUIDE TO NOVATED LEASING AND SALARY PACKAGING THE CAR YOU WANT INTRODUCING MAXXIA MYCAR A GUIDE TO NOVATED LEASING AND SALARY PACKAGING THE CAR YOU WANT X Communication Plan (0909) Maxxia Pty Ltd Have you thought about buying a car and wondered if a novated lease

More information

Associate Lease Benefit Profile

Associate Lease Benefit Profile Associate Lease Benefit Profile Introduction In an Associate Lease Benefit, the Associate leases their car to the Employer who then makes it available to the Employee as a Car Fringe Benefit. The car may

More information

streetfleet novated leasing guide

streetfleet novated leasing guide streetfleet novated leasing guide Drive your business further Contents About this guide 1 What is a novated lease? 2 Novated finance lease 2 Novated operating lease 3 Lease inclusions 4 Service and maintenance

More information

GUIDE TO SALARY PACKAGING A CAR

GUIDE TO SALARY PACKAGING A CAR GUIDE TO SALARY PACKAGING A CAR TABLE OF CONTENTS INTRODUCTION 3 WHY SALARY PACKAGING A CAR WITH PAYWISE 3 HOW SALARY PACKAGING A CAR WORKS 4 EMPLOYMENT TERMINATION 6 EARLY TERMINATION 6 GET STARTED 6

More information

StreetFleet Novated Leasing. A practical guide to salary packaging your car.

StreetFleet Novated Leasing. A practical guide to salary packaging your car. Novated Leasing A practical guide to salary packaging your car. Thank you very much for your prompt action. I am very impressed by how quickly everything has been actioned. I would happily recommend to

More information

Employee Information Guide. Salary Packaging

Employee Information Guide. Salary Packaging Guide Salary Packaging April 2014 Contents Contents... 2 Disclaimer... 4 1. Introduction... 5 1.1 About this guide... 5 1.2 Financial Advice... 5 1.3 What is Salary Packaging?... 5 1.4 Who is eligible

More information

EASIFLEET NOVATED LEASING EASIER THAN EVER. easifleet.com.au

EASIFLEET NOVATED LEASING EASIER THAN EVER. easifleet.com.au EASIFLEET NOVATED LEASING EASIER THAN EVER easifleet.com.au REDUCED INCOME TAX NO GST ON THE PURCHASE PRICE FLEET DISCOUNTED RUNNING COSTS NOVATED LEASING An easifleet novated lease makes vehicle ownership

More information

Novated Lease Explained

Novated Lease Explained Novated Lease Explained At nlc, we provide you with the easiest, lowest-cost way to own and run the car of your choice. We take care of all your automotive needs, including car purchase, finance, insurance,

More information

Employee Starter Pack. www.sgfleet.com

Employee Starter Pack. www.sgfleet.com Employee Starter Pack www.sgfleet.com Table of Contents Welcome to sgfleet Novated Leasing 3 What is a Novated Lease? 3 The benefits of a Novated Lease 4 Choice and flexibility 4 Ability to achieve real

More information

Government CarPlan User Guide

Government CarPlan User Guide Government CarPlan User Guide LeasePlan Australia Level 7, South Wharf Tower 30 Convention Centre Place South Wharf, Victoria 3006 PO Box 6297 St Kilda Road Central Melbourne, Victoria 8008 Tel: 132 572

More information

How to read a Quote. THE WORLD LEADING FLEET AND VEHICLE MANAGEMENT COMPANY

How to read a Quote. THE WORLD LEADING FLEET AND VEHICLE MANAGEMENT COMPANY How to read a. Your LeasePlan quote gives you all the details of your selected vehicle and lease term. It shows all the calculations, including discounts and GST savings, to help you understand your options

More information

Novated lease guide Contents 1.0 Introduction 1.0 Introduction 1 1.1 What is novated leasing? 2 1.2 How does novated leasing work? 3 1.3 Benefits of a novated lease 4 1.4 Novated lease vehicle packaging

More information

Guidelines for Providing Cars April 2013

Guidelines for Providing Cars April 2013 April 2013 Introduction: The provision of cars for private use is a common practice amongst councils either as a private benefit in a senior staff contract of employment or as part of a leaseback arrangement

More information

Monash University. Novated Lease Vehicle Policy

Monash University. Novated Lease Vehicle Policy Novated Lease Vehicle Policy Please note: changes and modifications to this policy and its attachments may occur from time to time without prior notice. It is encouraged that you review the policy on the

More information

SALARY PACKAGING MOTOR VEHICLES GUIDE TO EMPLOYEES

SALARY PACKAGING MOTOR VEHICLES GUIDE TO EMPLOYEES SALARY PACKAGING MOTOR VEHICLES GUIDE TO EMPLOYEES 1. Introduction Categories of Arrangements. 2. Benefits of Vehicle Leasing. 3. Lease Contract Conditions. 4. Understanding the Commitment. 5. Safety Nets.

More information

GET THE CAR YOU LOVE THE SMART AND EASY WAY

GET THE CAR YOU LOVE THE SMART AND EASY WAY GET THE CAR YOU LOVE THE SMART AND EASY WAY What is Novated Leasing? NOVATED LEASING MADE EASY A Novated Lease is a three way agreement between you, Custom Fleet and your employer. It can potentially save

More information

Novated lease guide. toyotanovated.com.au NOVATED LEASING TAX-EFFECTIVE FINANCE

Novated lease guide. toyotanovated.com.au NOVATED LEASING TAX-EFFECTIVE FINANCE Novated lease guide toyotanovated.com.au NOVATED LEASING TAX-EFFECTIVE FINANCE Contents 1. What is novated leasing? 4 2. Understanding the costs 8 3. Understanding the tax benefits 11 4. Helping keep track

More information

In a nutshell... Article published in Issue 1, 2010-11 of The Taxpayer, dated 5 July 2010. ...the full article follows

In a nutshell... Article published in Issue 1, 2010-11 of The Taxpayer, dated 5 July 2010. ...the full article follows Article published in Issue 1, 2010-11 of The Taxpayer, dated 5 July 2010 In a nutshell... Reportable fringe benefits and superannuation Payment summaries, detailing an employee s remuneration and taxes

More information

Salary Sacrifice (Novated Vehicles) Guideline

Salary Sacrifice (Novated Vehicles) Guideline Salary Sacrifice (Novated Vehicles) Guideline Policy Hierarchy link This guideline is linked to the Fleet Management Policy Responsible Officer Manager, Campus Services, Ext: 53978 Contact Officer Manager,

More information

Corporate CarPlan Novated Leasing User Guide

Corporate CarPlan Novated Leasing User Guide Corporate CarPlan Novated Leasing User Guide LeasePlan Australia Level 7, South Wharf Tower 30 Convention Centre Place South Wharf, Victoria 3006 PO Box 6297 St Kilda Road Central Melbourne, Victoria 8008

More information

For adviser use only. Salary Packaging strategies to Minimise Taxation

For adviser use only. Salary Packaging strategies to Minimise Taxation For adviser use only Salary Packaging strategies to Minimise Taxation General Advice Warning This presentation has been prepared by IOOF Investment Management Limited (IIML), ABN 53 006 695 021, AFS Licence

More information

The University of Newcastle. Salary Packaging User Guide

The University of Newcastle. Salary Packaging User Guide The University of Newcastle Salary Packaging User Guide It s easier to leaseplan Table of Contents Introduction to SalaryPlan and Salary Packaging Administration 3 Reading this guide 3 What is salary packaging?

More information

Make the most of your benefits: Presentation for: Queensland Government employees

Make the most of your benefits: Presentation for: Queensland Government employees Make the most of your benefits: Presentation for: Queensland Government employees What We Will Cover How Salary Packaging Can Save You Tax! Salary Packaging Guidelines Salary Packaging Benefits Novated

More information

Vehicles. StateFleet Conference. Presented by Glenn Smith FBT Risk & Intelligence Australian Taxation Office. 9 September 2010

Vehicles. StateFleet Conference. Presented by Glenn Smith FBT Risk & Intelligence Australian Taxation Office. 9 September 2010 Fringe Benefits Tax and Motor Vehicles StateFleet Conference Presented by Glenn Smith FBT Risk & Intelligence Australian Taxation Office 9 September 2010 Overview of session Different rules for cars and

More information

Version 4.2 6 August 2012

Version 4.2 6 August 2012 Salary Packaging Manual Version 4.2 6 August 2012 http://www.sharedservices.act.gov.au/docs/salary_packaging_manual.pdf Table of Contents Contents Page No Disclaimer 3 Explanation of Terms 4 1.0 Introduction

More information

Motor Vehicle Leasing

Motor Vehicle Leasing Motor Vehicle Leasing Quick Overview Detailed information on Associate and Novated leasing is provided below Cars Eligible For Salary Packaging Adding Accessories Purchase Stamp Duty Initial Car Ownership

More information

THE NECESSARY FBT RECORDS

THE NECESSARY FBT RECORDS THE NECESSARY FBT RECORDS Under tax law, you must keep sufficient records to enable your FBT liability to be assessed. You must keep your records in English. If your records are not in a written form (for

More information

A Guide to Novated Leases. www.sgfleet.com

A Guide to Novated Leases. www.sgfleet.com A Guide to Novated Leases www.sgfleet.com Improve the Weekly Budget A holiday, new clothes or just a bit more money in the wallet; whatever the reason, everyone should consider the potential improvements

More information

Contributions Fact Sheet

Contributions Fact Sheet Contributions Fact Sheet Product Disclosure Statement The information in this document forms part of the QIEC Super Product Disclosure Statement (PDS). This document is the Contributions Fact Sheet and

More information

SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES

SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES Superannuation Introducing Salary Packaging Salary packaging has been made available to all staff of the University through the Enterprise Agreement process.

More information

New car. Lower tax. CarePLUS. novated. a salary packaging option. for healthcare and emergency services employees

New car. Lower tax. CarePLUS. novated. a salary packaging option. for healthcare and emergency services employees New car. Lower tax. CarePLUS. novated car leasing a salary packaging option for healthcare and emergency services employees a message from the managing director Thank you for taking the time to find out

More information

Superannuation Salary Packaging

Superannuation Salary Packaging Superannuation Salary Packaging Providing options on how to use your money Remuneration Services (Qld) Pty Ltd ABN 46 093 173 089 Authorised Representative (No. 293159) of McMillan Shakespeare Limited

More information

Salary packaging information booklet. Motor vehicles and novated leasing. For Queensland Health Employees

Salary packaging information booklet. Motor vehicles and novated leasing. For Queensland Health Employees Salary packaging information booklet Motor vehicles and novated leasing For Queensland Health Employees State of Queensland (Department of Housing and Public Works) 2013 About this booklet Disclaimer This

More information

A step by step approach to Establish and Maintain a Payroll System using MYOB AccountRight Plus v19.8

A step by step approach to Establish and Maintain a Payroll System using MYOB AccountRight Plus v19.8 A step by step approach to Establish and Maintain a Payroll System using MYOB AccountRight Plus v19.8 Software Publications Pty Ltd, 2013 No part of this material may be reproduced or copied in any form

More information

GST Legislative amendments

GST Legislative amendments GST & FBT update for the public sector - Overview Recent legislative amendments Update on ATO public rulings GST: - Update on Australian Business Register (ABR) - Notional GST - GST and Appropriations

More information

INDEX: WWW.FIRSTBOOKKEEPING.COM.AU

INDEX: WWW.FIRSTBOOKKEEPING.COM.AU INDEX: ü Step 1 Getting started in business registrations Page 3-4 ü Step 2 What you need to know about business income tax Page 5 6 ü Step 3 Business Expenses what to claim Page 7 ü Step 4 Working from

More information

Supporting documentation and verification guide. For NAB Homeplus and NAB Peak Performance

Supporting documentation and verification guide. For NAB Homeplus and NAB Peak Performance Supporting documentation and verification guide For NAB Homeplus and NAB Peak Performance Contents Income verification 2 Full time and part time employment (PAYG)2 2 Casual employment2 2 Return to work

More information

ANZ COMMUNITY SELECT

ANZ COMMUNITY SELECT ANZ COMMUNITY SELECT TERMS AND CONDITIONS 0 2. 2 0 1 6 Contents 1.1 Defined Terms 4 1.2 Other Interpretation Provisions 5 1.3 Customer More Than One Person 5 2 Eligibility for ANZ Community Select Benefits

More information

Bike 2 Work Scheme. People & Technology Division Human Resources Team. October 2011 Version 4.0

Bike 2 Work Scheme. People & Technology Division Human Resources Team. October 2011 Version 4.0 Bike 2 Work Scheme People & Technology Division Human Resources Team October 2011 Version 4.0 1. INTRODUCTION Crawley Borough Council is keen to provide a range of benefits which meet the needs of its

More information

Salary Packaging Guidelines for Employees of Australian Catholic University

Salary Packaging Guidelines for Employees of Australian Catholic University SALARY PACKAGING SERVICES AUSTRALIA PTY LTD A.B.N. 62 082 108 987 4/179 Queens Street, Melbourne Vic 3000 Locked Bag 4000 Vic 3001 Telephone: 03 8615-4800 Facsimile: 03 8615-4911 Email: info@salary-packaging.com.au

More information

Corporate Profile. www.sgfleet.com

Corporate Profile. www.sgfleet.com Corporate Profile www.sgfleet.com Global Fleet Management Experience and relationships built over 25 years in the industry, unsurpassed knowledge and a superior service offering, uniquely position sgfleet

More information

The Employer s Guide to Child support

The Employer s Guide to Child support The Employer s Guide to Child support Information for employers of separated parents humanservices.gov.au Contents Child Support services 3 Separation and the impacts on business 3 Employer deductions

More information

Originating Author: Revised by: ISBN 978-1-921885-41-9 3rd Edition Revised April 2011. FNSBKPG405A Establish and maintain a payroll system

Originating Author: Revised by: ISBN 978-1-921885-41-9 3rd Edition Revised April 2011. FNSBKPG405A Establish and maintain a payroll system A Step by Step Approach to Establish and Maintain a Payroll System using MYOB AccountRight Plus v19 Copyright Notice: Copyright 2011 Software Publications Pty Ltd. All rights reserved. No part of this

More information

How super is taxed guide (AP.4)

How super is taxed guide (AP.4) How super is taxed guide (AP.4) Issued 1 January 2016 The information in this document forms part of the ESSSuper Accumulation Plan Product Disclosure Statement dated 1 January 2016. Contents Providing

More information

APESMA GUIDE TO remuneration

APESMA GUIDE TO remuneration APESMA GUIDE TO remuneration p a c k a g i n g The Association of Professional Engineers, Scientists and Managers, Australia contents Introduction 2 Remuneration packaging: What is it? 2 How does it work?

More information

The Summit Guide to Novated Leasing

The Summit Guide to Novated Leasing The Summit Guide to Novated Leasing Contents Overview...3 Who is Summit?...3 What Is a Novated Lease?...3 Lease Types...3 Leases with External Finance (3rd party payments)...4 Fringe Benefits Tax (FBT)...4

More information

FRINGE BENEFITS TAX. Car Benefits. Stop:

FRINGE BENEFITS TAX. Car Benefits. Stop: A car benefit arises where a car, that is either owned, leased or otherwise made available by a benefit provider (generally the employer), is: used by an employee (or an associate such as their spouse)

More information

Relocation Benefits. What is a relocation benefit? How salary sacrificing relocation benefits works. www.paywise.com.au

Relocation Benefits. What is a relocation benefit? How salary sacrificing relocation benefits works. www.paywise.com.au What is a relocation benefit? Employees are able to salary sacrifice certain costs associated with temporary or permanent relocation from their place of residence where their employer requires them to

More information

CLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf.

CLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf. CLIENT FACT SHEET July 2010 Understanding superannuation and superannuation contributions Superannuation is an investment vehicle designed to assist Australians in saving for their retirement. The Government

More information

INTERNATIONAL PRODUCTION IN AUSTRALIA

INTERNATIONAL PRODUCTION IN AUSTRALIA INTERNATIONAL PRODUCTION IN AUSTRALIA GOODS & SERVICES TAX (GST) & CAST/CREW WITHHOLDING TAX GUIDE FOR FOREIGN PRODUCERS Prepared by Moneypenny Services in conjunction with Disclaimer The information has

More information

autopia.com.au Intelligent Car Ownership If you read this guide and don t want to package your car you should read it again.

autopia.com.au Intelligent Car Ownership If you read this guide and don t want to package your car you should read it again. If you read this guide and don t want to package your car you should read it again. Thanks to pia I ve paid for a new fireplace, a new kitchen, I ve packaged two cars, and I couldn t be happier. Brad Freer

More information

DOING BUSINESS IN AUSTRALIA. Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.

DOING BUSINESS IN AUSTRALIA. Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com. DOING BUSINESS IN AUSTRALIA Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.au DISCLAIMER The material contained in this publication is in the nature

More information

Global Employer Services FBT update for the year ending 31 March 2016

Global Employer Services FBT update for the year ending 31 March 2016 Global Employer Services FBT update for the year ending 31 March 2016 1 April 2015 31 March 2016 FBT rates and thresholds Description Rate/threshold FBT rate on grossed up value of benefit 49% Gross-up

More information

client alert fbt return action checklist

client alert fbt return action checklist client alert fbt return action checklist March 2015 Rate of tax Are you aware the FBT rate for the FBT year ending 31 March 2015 has increased to 47%? te the FBT rate will rise to 49% for the FBT years

More information

SALARY SACRIFICE DEFINED

SALARY SACRIFICE DEFINED Edition 33 Salary Sacrifice INTRODUCTION Salary Sacrifice arrangements have grown in popularity over time and bookkeepers are often required to account for payrolls which feature such arrangements. This

More information

The Smart Smoothly Approach Integrating a to Novated Novated Lease into Your Employee Vehicle Leasing Benefit Programs A White Paper from Smartsalary

The Smart Smoothly Approach Integrating a to Novated Novated Lease into Your Employee Vehicle Leasing Benefit Programs A White Paper from Smartsalary The Smart Approach to Novated Vehicle Leasing A White Paper from Smartsalary Smoothly Integrating a Novated Lease into Your Employee Benefit Programs Executive Summary Situation: Novated Leasing is a key

More information

Contributions. Employer contributions

Contributions. Employer contributions Contributions AMIST Super Hotline 1800 808 614 The information in this document forms part of the Product Disclosure Statements for AMIST Super Employer Sponsored and Personal Divisions dated 18 June 2016.

More information

Motor Vehicle Transition 2012

Motor Vehicle Transition 2012 Motor Vehicle Transition 2012 - Fully Maintained Vehicles Contents of this booklet Key Changes to the Motor Vehicle Policy 2 What does this mean for me? 3 Novated Lease 6 Vehicle Approval Criteria 7 Examples

More information

Payroll Calculations

Payroll Calculations Payroll Calculations DCPA Study Group Gross to Net Regular Rate of Pay Total Hours Worked x Rate of Pay + Non-Discretionary Bonus = Regular Pay Regular Pay / Hours Worked = Regular Rate of Pay Hours Worked

More information

Contributions. Contributions table. Defence Bank Super

Contributions. Contributions table. Defence Bank Super Contributions This fact sheet provides more detailed information about the different contributions that may be made into your super account in the 2015/2016 and 2016/2017 financial years, based on laws

More information

2014 Year End Reminders and Obligations

2014 Year End Reminders and Obligations Mogg Osborne Pty Ltd 2014 Year End Reminders and Obligations Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action over the next

More information

What s New? No limit on salary sacrifice for superannuation contributions to a complying fund. Pages 6 to 11

What s New? No limit on salary sacrifice for superannuation contributions to a complying fund. Pages 6 to 11 SOUTH AUSTRALIAN GOVERNMENT SALARY SACRIFICE INFORMATION BOOKLET OFFICE HOLDERS REMUNERATION TRIBUNAL DETERMINATION What s New? No limit on salary sacrifice for superannuation contributions to a complying

More information

University-wide. Staff Only Students Only Staff and Students. Vice-Chancellor. Director, Human Resources

University-wide. Staff Only Students Only Staff and Students. Vice-Chancellor. Director, Human Resources Name of Policy Salary Packaging Policy Description of Policy This policy covers the provision for Salary Packaging at ACU. University-wide Policy applies to Specific (outline location, campus, organisational

More information

Financial Planning 101

Financial Planning 101 Hughes Forbes Financial Services AFSL 323719 Financial Planning 101 P R E S E N T E D BY F A B I A N P O S T I G L I O N I M a y 2 0 1 2 Disclaimer 2 This material is not intended to constitute personal

More information

Individual & Family Tax Measures

Individual & Family Tax Measures Budget Budget Highlights Highlights CHANGES & OTHER IMPORTANT INFORMATION Individual & Family Tax Measures Individual Tax Rates The individual tax rates remain unchanged for 2013/2014 and are listed below.

More information

Fundamentals of Australian Taxation. Snehal Shah Director GMK Partners Pty Ltd

Fundamentals of Australian Taxation. Snehal Shah Director GMK Partners Pty Ltd Fundamentals of Australian Taxation Snehal Shah Director GMK Partners Pty Ltd Disclaimer This presentation is of a general nature only and is not intended to be relied upon as, nor to be a substitute for,

More information

Carry out business activity and instalment activity statement tasks

Carry out business activity and instalment activity statement tasks A Step by Step Approach to Carrying out BAS and IAS Tasks using MYOB AccountRight Plus v19 Copyright Notice: Copyright 2010 Software Publications Pty Ltd. All rights reserved. No part of this material

More information

Mapping a Financial Path for Doctors (GPRA) Brendan Campbell Associate Director Prosperity Health

Mapping a Financial Path for Doctors (GPRA) Brendan Campbell Associate Director Prosperity Health Mapping a Financial Path for Doctors (GPRA) Brendan Campbell Associate Director Prosperity Health STRUCTURES Asset Protection Structure Matrix Income Tax Rate Flexibility of Distributions Capital Gains

More information

Record keeping for small business

Record keeping for small business Guide for small business operators Record keeping for small business Explains what business records you need to keep and outlines a basic record keeping system. For more information visit www.ato.gov.au

More information

Federal Income Tax Information January 29, 2016 Page 2. 2016 Federal Income Tax Withholding Information - PERCENTAGE METHOD

Federal Income Tax Information January 29, 2016 Page 2. 2016 Federal Income Tax Withholding Information - PERCENTAGE METHOD Federal Income Tax Information January 29, 2016 Page 2 - PERCENTAGE METHOD ALLOWANCE TABLE Dollar Amount of Withholding Allowances Number of Biweekly Monthly Withholding Pay Period Pay Period Allowances

More information

Novated Leasing, your best option for hassle free and cost effective motoring!

Novated Leasing, your best option for hassle free and cost effective motoring! Novated Leasing, your best option for hassle free and cost effective motoring! Contact SupaNova 1300 668 283 Why lease from SupaNova Leasing? SupaNova Leasing are experts at assessing your personal circumstances

More information

Tax tips and tax return checklist

Tax tips and tax return checklist Tax tips and tax return checklist To help you complete your tax return, the following lists outlines the payments that are classified as income and those that are classified as expenses across a range

More information

Attaché Payroll End-of-Year Processing 2013/14. Notes accompanying the Attaché EOY Training Payroll

Attaché Payroll End-of-Year Processing 2013/14. Notes accompanying the Attaché EOY Training Payroll End-of-Year Processing 2013/14 Notes accompanying the Attaché EOY Training Payroll June 2014 Publication Number Publication Date Product Version A001269.00 May 2014 version 1.12 (Feb. 2014) 2014 Attaché

More information

FRINGE BENEFITS TAX GUIDELINES UNSW

FRINGE BENEFITS TAX GUIDELINES UNSW FRINGE BENEFITS TAX GUIDELINES UNSW - 1 - 1 Purpose... 4 2 Scope... 4 3 What is Fringe Benefits Tax (FBT)?... 4 4 When is the FBT Year?... 4 5 Types of Fringe Benefits... 4 5.1 Those Relevant to UNSW...

More information

Salary Packaging. Information Kit. Catholic Schools Office Diocese of Lismore

Salary Packaging. Information Kit. Catholic Schools Office Diocese of Lismore Salary Packaging Information Kit Catholic Schools Office Diocese of Lismore 13 TABLE OF CONTENTS SALARY PACKAGING... 1 HOW IT WORKS... 1 SALARY PACKAGING AND THE OPERATION OF INCOME TAX LEGISLATION...

More information

Understanding tax. Version 4.2

Understanding tax. Version 4.2 Version 4.2 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to. Important information This document has been published

More information

2015 Changes / Key Announcements

2015 Changes / Key Announcements 2015 Changes / Key Announcements Below is a summary of the changes to be aware of and announcements that will potentially affect you for the year ending 30 th June 2015 or will come into effect as of 1

More information

Simply Smarter Salary Packaging.

Simply Smarter Salary Packaging. Simply Smarter Salary Packaging. Who is Smartsalary? Australia s most awarded salary packaging and novated leasing company. Established in 2001, Smartsalary is Australia s most awarded salary packaging

More information

Understanding Tax Version 1.0 Preparation Date: 1st July 2013

Understanding Tax Version 1.0 Preparation Date: 1st July 2013 Understanding Tax Version 1.0 Preparation Date: 1st July 2013 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation

More information

Salary Packaging Application Forms

Salary Packaging Application Forms Salary Packaging Application Forms The following forms for salary packaging of superannuation and/or other benefits follow. If packaging superannuation only, you should use the forms from the Superannuation

More information

Record keeping for small business

Record keeping for small business Guide for small business operators Record keeping for small business Explains what business records you need to keep and outlines a basic record keeping system. For more information visit www.ato.gov.au

More information

Salary Packaging Issues

Salary Packaging Issues Salary Packaging Issues Murray Nicholls Saward Dawson Session overview 1. Terminology & basics 2. Specific issues for pastors 3. Options for other church staff 4. How salary packaging affects government

More information

Salary Packaging Information Kit

Salary Packaging Information Kit Salary Packaging Information This booklet provides information about salary packaging for employees of Public Benevolent Institutions (PBI) and other charitable organisations. Salary packaging (also known

More information

Novated leases and FBT explained

Novated leases and FBT explained Client Information Newsletter - Tax & Super September 2014 Novated leases and FBT explained Wrapping a car into a salary package is a very popular choice, and doing so as part of a salary sacrifice arrangement

More information

State Super retirement FuND

State Super retirement FuND State Super retirement FuND Additional Information Booklet Date of Issue 20 January 2015 State Super Financial Services Australia Limited ABN 86 003 742 756 Australian Financial Services Licence No. 238430

More information

FRINGE BENEFITS TAX. Expense Payment Benefits. Note: Taxable Value - External Benefits. In-House Benefits

FRINGE BENEFITS TAX. Expense Payment Benefits. Note: Taxable Value - External Benefits. In-House Benefits An expense payment benefit arises where an employer pays or reimburses expenses incurred by an employee. It is important to distinguish between a reimbursement and an allowance paid by the employer to

More information

ANZ Superannuation Savings Account

ANZ Superannuation Savings Account ANZ Superannuation Savings Account Product Disclosure Statement 21 June 2012 Contents 1. About ANZ Superannuation Savings Account 2 2. How super works 2 3. Benefits of investing with ANZ Superannuation

More information

Revision Number: 1. BSBFIM502A Manage payroll

Revision Number: 1. BSBFIM502A Manage payroll Revision Number: 1 BSBFIM502A Manage payroll BSBFIM502A Manage payroll Modification History Not applicable. Unit Descriptor Unit descriptor This unit describes the performance outcomes, skills and knowledge

More information

www.sro.vic.gov.au / sro@sro.vic.gov.au / 13 2161 2006 Pay-roll Tax Superannuation Benefits Circular

www.sro.vic.gov.au / sro@sro.vic.gov.au / 13 2161 2006 Pay-roll Tax Superannuation Benefits Circular www.sro.vic.gov.au / sro@sro.vic.gov.au / 13 2161 2006 Pay-roll Tax Superannuation Benefits Circular Contents Preface........................................................................... 2 Introduction...........................................................................

More information

Understanding tax Version 5.0

Understanding tax Version 5.0 Understanding tax Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to tax. This document has been published

More information

Superannuation. your obligation as an employer

Superannuation. your obligation as an employer Superannuation your obligation as an employer By Chris Campbell September 2014 Overview Superannuation is a significant cost of employing staff. This expense should be factored into your business plan

More information

Secondary benefit of FBT training it is important to demonstrate to the ATO that UniSA takes its Tax Compliance seriously.

Secondary benefit of FBT training it is important to demonstrate to the ATO that UniSA takes its Tax Compliance seriously. 1 Secondary benefit of FBT training it is important to demonstrate to the ATO that UniSA takes its Tax Compliance seriously. 2 Please note there are a large number of benefits, all with their own special

More information

YOUR GUIDE TO ŠKODA FINANCIAL SERVICES

YOUR GUIDE TO ŠKODA FINANCIAL SERVICES YOUR GUIDE TO ŠKODA FINANCIAL SERVICES 1 About ŠKODA Financial Services ŠKODA Financial Services Product Benefits Personal Finance Consumer Loans 13 Novated Lease / Salary Packaging 15 Business Finance

More information

Income Tax in Australia

Income Tax in Australia www.webbmartinconsulting.com.au Income Tax in Australia Issues for New Zealand residents Robert Power July 2013 Take the guesswork out of tax >>> enhance your service offering and increase profit and productivity

More information

DOING BUSINESS IN AUSTRALIA

DOING BUSINESS IN AUSTRALIA DOING BUSINESS IN AUSTRALIA DEMOGRAPHICS The population of Australia is approximately 22 million. There are six states and two territories. The capital city is Canberra which is located in the Australian

More information

Tax on contributions. Concessional (before tax) contributions

Tax on contributions. Concessional (before tax) contributions This section summarises the main Federal Government taxes that apply to superannuation at the time of preparation. For more information, contact Catholic Super on 1300 655 002 or the Australian Taxation

More information

Salary Packaging Policy and Procedure Manual

Salary Packaging Policy and Procedure Manual Policy Directive Ministry of Health, NSW 73 Miller Street North Sydney NSW 2060 Locked Mail Bag 961 North Sydney NSW 2059 Telephone (02) 9391 9000 Fax (02) 9391 9101 http://www.health.nsw.gov.au/policies/

More information

2015 PERSONAL INCOME TAX WORKSHEET

2015 PERSONAL INCOME TAX WORKSHEET 2015 PERSONAL INCOME TAX WORKSHEET TAXPAYER DETAILS Title Tax File Number Surname of Birth First Name Best Contact Number ( ) Other Name/s Or Mobile Telephone Occupation (not Title) Residential Address

More information

Year end tax planning 2016 For businesses and investors

Year end tax planning 2016 For businesses and investors Year end tax planning 2016 For businesses and investors What s important in 2015/16? Reduction to company tax rate for small business companies from 1 July 2015. From 1 July 2015, the income tax rate of

More information

Compensation Packages for Farm Employees

Compensation Packages for Farm Employees G92-1067-A Compensation Packages for Farm Employees Important considerations for using various forms of compensation for farm employees are covered here. Raymond E. Massey, Extension Economist--Farm Management

More information