Motor Vehicle Leasing

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Motor Vehicle Leasing"

Transcription

1 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 The inclusion of a leased car in your salary package may be an attractive option, as acquiring a car involves a significant initial outlay as well as the on-going running costs of fuel, insurance, registration, etc. By salary packaging your car, all these are taken into account and you can spread the costs through the year and the term of the lease, using mainly your pre-tax salary to pay them. Other considerations include: Choice of car to suit your personal circumstances and lifestyle Car is available for you and your family s private use Manufacturer s discounts available on most new cars New and used cars may also be leased depending on their age and the finance method used More than one car can be salary packaged at one time No finance deposit required Taxation and GST savings make leasing extremely cost effective Fuel card provided, including one for your spouse or partner if required Car expenses and running costs like the lease payments, fuel, servicing, insurance, registration, tyres, etc., are all tax-free when included in your salary package. The leasing methods available under RAC s Salary Packaging programme are: Associate Leases. Novated Finance Leases. Subject to the leasing method used, cars can be any make or model, new or used provided they are in roadworthy condition, fall under the definition of a car and their purchase cost / market value is $57,123 or less. This figure includes GST and dealer delivery charges but excludes extended warranty, insurance, registration costs and purchase transfer stamp duty. A car (including a four wheel drive) is defined as being a: a) Motor car, station wagon, panel van, utility truck or similar vehicle as qualified below; or b) Road vehicle designed to carry a load of less than one tonne or fewer than nine passengers. While some panel vans or utility trucks may qualify, many dual cabs may not as they usually have a carrying capacity of more than 1 tonne. Motor cycles or similar vehicles are not considered cars for FBT purposes and are excluded from the programme. Please also refer to the Arrangement May Not Be Suitable For All Cars section under each leasing method to see if other eligibility conditions apply. Extras like roof racks or towbars ought to be included in the initial purchase cost of the car. Once the car lease is finalised there will not be an opportunity to add these afterwards, nor can their cost be reimbursed to you. Note: It is cheaper to get a car with the required features fitted as standard rather than attempt to up-spec a base model car into a luxury pack. For new cars, purchase stamp duty is automatically included by the dealer in the total purchase price irrespective of the leasing method used and is not payable again at lease end unless the car is sold. For used cars purchased from a dealer, you will need to request the dealer to include stamp duty in the total purchase price so it is included in the lease as it cannot be reimbursed to you. Note: Purchase stamp duty relating to cars purchased privately cannot usually be included in the amount financed under the lease and is thus a cost that cannot be included in your salary package. The same may apply to cars purchased at auction. This is something Pay-Plan will be able to clarify for you as it will be subject to approval by the financier. You should not have equity (i.e. part ownership) in the car. Thus the car must be 100% owned by the lessor, i.e. the party who legally owns the car.

2 Lease End Car Ownership Restrictions On Use Business Use Car Running Cost Management Options Note: Expenses incurred before a car is salary packaged cannot be reimbursed Licencing / Registration Associate Leases Associate retains ownership. Novated Finance Leases Legal ownership passes to you at lease end after the residual has been paid. From a salary packaging viewpoint, there are no restrictions on who can drive your car. However, there may be nominated driver insurance implications which you need to check with your insurer. Compensation for business use of your car is generally not available. Refer to HR for clarification. There are two ways of managing your cars running costs depending on the leasing method used, and they are: Fleet Managed This is where responsibility to look after your car s routine servicing, annual re-registration and insurance renewal is outsourced to a Fleet Manager. These costs are built into the lease payable to the Fleet Manager. Self Managed - If you prefer to look after these matters yourself, then you will be required to pay the expense and submit a reimbursement claim to Pay-Plan. In either case, it is important to understand that provision for these costs is included in your salary package. Essentially, the only difference is who pays them, although you will have access to savings on routine servicing, repairs and tyre replacement under a Fleet Managed option which you generally won t get under the self managed option. You must nominate the management option you want up-front so the appropriate salary packaging costing are made, noting that your selected option will continue until your lease ends. The table below shows what is typically provided in a Fleet Managed option as well as what can and can t be included in a Self Managed option: Item Self Managed Fleet Managed Annual registration Comprehensive insurance Extended warranty Fuel/Oil/Motorcharge Most repairs and maintenance 24 hr roadside assistance Novated lease protection Routine servicing Tyre management Warranty management No Yes Fleet management fees No Yes Key: paid by Fleet Manager you pay and claim reimbursement paid with fuel card where accepted. Card account paid by Pay-Plan / Fleet Manager. Reimbursement is available if card not accepted Needs to be requested Note: Novated lease protection can be included in the lease and generally provides two indemnities: one for a nominated number of monthly rentals in the case of involuntary retrenchment, and one for a maximum nominated shortfall on vehicle sale in the case of involuntary retrenchment or death. Recommended rate to be used: Self Managed - It is recommended you pay the standard / private rate of licencing on your leased car. If a lesser rate is paid and the car is in an accident resulting in a claim for personal injury, then you may be liable for the costs of settling any personal injury claim(s). Fleet Managed The Fleet Manager takes care of this on your behalf. Name car is registered in: Associate Leases - Must be registered in your Associate s name. Novated Finance Leases Must be registered in your name but legal title

3 remains with the financier until the lease ends. Insurance Fuel Card Lease Residual Value and ATO Guidelines Lease Terms FBT Travel Budgeting And Reporting Package Costs Salary Sacrifice / EC Deduction Calculation Associate Leases Must be full comprehensive cover: Self Managed - You can choose any insurance company you like. However, it is important the policy adequately covers you in the event the car is written-off. If it doesn t you will be liable for any insurance pay-out shortfall. Fleet Managed The Fleet Manager takes care of this on your behalf. Name car is insured in: Associate Leases - Must be in your name or jointly with Associate s. Novated Finance Leases Must be insured in your name. Self Managed - You will be issued with a Motorcharge card including one for your spouse or partner if required. You will need to provide us with the second card holder s name. Fleet Managed The Fleet Manager will discuss card options available to you. Fuel card accounts are paid by Pay-Plan. It is the responsibility of employees to check their fuel card statements and report any discrepancies to the card provider. The depreciation a financier/lessor can claim as a tax deduction for leased cars is calculated by reference to the prescribed ATO residual percentage relevant to the term shown in the table opposite. Refer to the Calculation Of Lease Payments section under each leasing method to see how these are used. Term ATO Residual Percentages 12 mths 65.63% 24 mths 56.25% 36 mths 46.88% 48 mths 37.50% 60 mths 28.13% Lease terms of between 12 to 48 months are available under both leasing methods. Longer terms will be considered on a case by case basis. FBT Travel Budget Your car FBT will be generally budgeted on your travelling less than 25,000 klms annually unless you can demonstrate your travel is more. FBT Travel Reporting Pay-Plan s quarterly reporting has detailed information on your car s current FBT year s minimum travel targets. It is imperative you review your quarterly reports carefully and contact Pay-Plan immediately if you are not going to achieve your FBT year end minimum travel target. Prompt attention to this will in most cases allow sufficient time for changes to be made to your package in order to avoid a significant package deficiency at 31 March. On the other hand, if your travel is likely to be more than initially planned at 31 March then a change to your package may improve the efficiency of your car package and reduce the amount being deducted from your pay. All relevant lease and car running costs are charged back to your salary package account less any applicable GST. Your salary sacrifice and EC deduction (if applicable) will include a provision for lease payments and running costs like fuel, servicing, repairs, registration and insurance as well as Fringe Benefits Tax where applicable. Description An Associate Lease is an arrangement where an Associate of yours (e.g. your partner, spouse, family company, but not another employee of RAC) owns a car and rents it to RAC who pays your Associate a monthly lease rental in exchange for providing the car. Credit Assessment Not Required No credit assessment is necessary for you as your Associate must own the car, i.e. be registered in their name. Independent Advice Is Required Associate must provide evidence they have received written independent taxation advice from a registered taxation professional. The advice should, as a minimum, cover the various matters referred to in a sample Associate Lease Memorandum for Tax Accountants available from Pay-Plan which is provided for guidance only for discussion with a registered taxation adviser.

4 ABN and GST Registration Issues Associates are required to have an Australian Business Number (ABN) before the lease can be established. Registration for the Goods and Services Tax (GST) is also a matter the Associate needs to discuss with their taxation adviser as there are accounting and taxation considerations they need to be aware of, for example they will need to furnish Tax Invoices for rental payments if they are GST registered. Pay-Plan will assist with this. Arrangement Should Be Profit Motivated The primary motivation for entering into an Associate car leasing arrangement ought to be profit and not merely to gain a taxation advantage from the FBT concessions available to salary packaged cars. An article published by the NTAA outlining their views is available from Pay-Plan and it is strongly recommended your Associate discuss the article with their taxation adviser. Income Tax Issues Lease rentals paid to your Associate are assessable income and they would normally be entitled to claim a deduction for depreciation, etc. On disposal of the car, they may be required to bring to account for income tax purposes any excess between the sale proceeds and written down book value of the car and there maybe a requirement to account for the sale in their BAS if they are registered for GST. Arrangement May Not Be Suitable For All Cars Salary packaging already owned cars under an Associate Lease may, subject to any specialist taxation advice provided to your Associate, be unsuitable for the arrangement as various business and taxation considerations need to be taken into account based on both your Associate s and your financial circumstances. Additionally, a car condition report maybe required. Refer below. Car Condition Report Required A valuation and roadworthy inspection report from an accredited operator (e.g. NRMA / RAC or SGIO) is required. No report is necessary if the car is new and was purchased from a licensed motor dealer within the past twelve months or purchased within the past three months if a used car. The report serves as an audit of the car s condition and must state whether it is roadworthy, list repairs required (if any) and state the car s market value. Calculation Of Lease Payments The calculation of lease rentals payable to your Associate will depend on the market value or purchase price of the car. If your Associate is GST registered the calculation will be based on the car s purchase price including accessories net of GST; dealer delivery, extended warranty, registration and stamp duty costs; commercial interest rates and the nominated lease term. 10% GST is then added to the rental in order to determine the monthly amount payable to the Associate. Purchase stamp duty will be taken into account in determining the lease rental payable to your Associate provided Pay-Plan is advised at the time the lease is established. Rentals will not be adjusted to reflect stamp duty cost once the lease is established nor can these costs be reimbursed to you. If your Associate is not GST registered, then it is the purchase cost of the car inclusive of GST that is use and 10% GST is not added to the monthly rental payable to the Associate. No residual amount is payable at lease end. Payment Of Lease Rentals Lease rentals are paid into your Associate s bank account. Terminating The Lease Early The lease may be terminated by either your Associate or by the RAC giving the other party a minimum of seven (7) days notice in writing. The lease will automatically end if you leave RAC. Refer below.

5 Novated Leases Lease Ending Options At lease end there are generally two options 1 st option is to do nothing and the lease will simply end and the car will no longer be salary packaged. Or the 2 nd is for your Associate to negotiate to extend the lease for a further period which would usually be for a minimum of 12 months. Leaving Employment Should your employment cease, the lease will end immediately. This means full responsibility for the car and the payment of running costs including insurance and registration, revert to your Associate. Tax Issues For You This should be discussed with your taxation adviser. Financial Risks It is important to understand the risks involved with an Associate Lease. Apart from matters that may arise from discussions with your accountant, the main risks are maintenance particular for older cars, and your failure to achieve your nominated FBT travel target. Description A Novated Lease is an arrangement between three parties - you, the RAC and the financier. Specifically, you (the lessee) lease the car from the financier (the lessor) under a finance lease. In turn, and with the consent of the financier, you sub-lease the car to the RAC. This process is called novation hence the name Novated Lease. The result is that your obligation to pay lease rentals is transferred to the RAC for the term of the sub-lease. Credit Assessment Is Required Credit assessment is necessary for Novated lease as you are taking on a financial obligation. ABN and GST Registration Issues There is no requirement for you to have an Australian Business Number (ABN) or to be registered for GST. Arrangement Supported By Tax Office Rulings The ATO has issued a number of rulings on Novated leases and these can be seen by logging on to the ATO website at May Not Be Suitable For All Cars Leasing cars that will be older than 8 years at lease end will require specific financier approval. Calculation Of Lease Payments The calculation of lease rentals payable to the financier/fleet manager will depend on the amount financed. This is the car s purchase price including accessories net of GST; dealer delivery, extended warranty, registration and stamp duty costs; commercial interest rates; the nominated lease term and the Residual. The financier/fleet manager will generally follow the prescribed ATO residual percentage relevant to the term to calculate rentals and the lease residual value. The residual value (including GST) is determined at the commencement of the contract and is the amount you will be required to pay at lease end. If you expect your travel to be more than 30,000 klms annually the financier (at their absolute discretion) may use a lower residual percentage. If on selling the car at lease end, the sale proceeds are insufficient to cover the residual, you will need to cover the shortfall as per the lease contract with the financier. If you sell the car for more than you owe the financier, the surplus is yours (refer Tax Issues For You below). Where the car is to be Fleet Managed, then the cost of regular servicing, repairs and re-registration is also included in the monthly lease rental. Payment Of Lease Rentals Lease rentals are paid by Pay-Plan to the financier / fleet manager. Terminating The Lease Early

6 Getting Started You can pay-out your lease at any time. However, there may be termination penalties depending on how early your lease is ended. Important: Novation Agreement may only end if: a) You leave RAC, in which case full responsibility for the underlying finance lease reverts to you; b) The finance lease is paid out; or c) The financier agrees to terminate the Novation Agreement due to unforeseen circumstances. Lease Ending Options At lease end there are generally two options 1 st option is to payout the Residual. Whether you sell / trade-in or keep the car makes no difference. Or the 2 nd option is to extend the lease for a minimum of 12 months. This will be subject to car age and / or dollar value (usually needs to be more than $10,000). You must do one or the other. Leaving Employment Should your employment cease, the sub-lease will expire immediately with lease obligations reverting to you. This means full responsibility for the car and for the lease falls on you just like any other debt together with responsibility for the payment of running costs like annual registration, comprehensive insurance, fuel, servicing and repairs. Tax Issues For You ID 2003/320 (Australian Taxation Office Interpretative Decision) states that a taxpayer is not required, under subdivision 20-B of the ITAA 1997, to include in their assessable income any profit that they make on the disposal of a car that was the subject of a Novated Lease arrangement as the lease payments are not paid or payable by the taxpayer. Financial Risks It is important to understand the risks involved with a Novated Lease. The main risks are financial, maintenance particular for older cars and your failure to achieve your nominated FBT target. In terms of financial risk, problems can arise when: You leave RAC and become personally liable for lease payments; The car s market value at the end of the lease term is less than the agreed payout figure (i.e. lease residual); or The lease itself is terminated early. This could also bring about lease early termination penalties. Step 1 Complete on-line application which is sent to HR Step 2 HR to approve application Step 3 Pay Plan consultant will contact you Click on the link below to start your online application

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 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

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

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

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

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

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

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

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

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

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

Suzuki Finance and Insurance Solutions

Suzuki Finance and Insurance Solutions Suzuki Finance and Insurance Solutions Suzuki Finance, Leasing and Insurance Solutions Our finance and leasing solutions make it easy for you to get the Suzuki you want. Whether it s to zip around the

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

[ 16-310] DEDUCTIBLE MOTOR VEHICLE EXPENSES

[ 16-310] DEDUCTIBLE MOTOR VEHICLE EXPENSES Premium Master Tax Guide 1 [ 16-310] DEDUCTIBLE MOTOR VEHICLE EXPENSES Motor vehicle expenses incurred in the course of deriving assessable income or in carrying on business are allowable deductions (ITAA97

More information

Vehicle & Equipment Finance

Vehicle & Equipment Finance Vehicle & Equipment Finance Vehicle & Equipment Finance There are a number of different ways to finance the purchase of vehicles and equipment in your business including lease, chattel mortgage and commercial

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

Commercial Finance Products 1302a (Forms part of Finance Products Module TFAL_1302

Commercial Finance Products 1302a (Forms part of Finance Products Module TFAL_1302 Commercial Finance Products 1302a (Forms part of Finance Products Module TFAL_1302 Introduction The purpose of this module is to provide you with comprehensive information about the following Toyota Financial

More information

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

Frequently Asked Questions by Employees. Fuel Efficient Car Lease Scheme. An employee benefit offered by the University of Birmingham

Frequently Asked Questions by Employees. Fuel Efficient Car Lease Scheme. An employee benefit offered by the University of Birmingham Frequently Asked Questions by Employees Fuel Efficient Car Lease Scheme An employee benefit offered by the University of Birmingham If you have any further questions or would prefer to talk to someone,

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

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

EMPLOYEE VEHICLE LEASE AGREEMENT STANDARD TERMS

EMPLOYEE VEHICLE LEASE AGREEMENT STANDARD TERMS EMPLOYEE VEHICLE LEASE AGREEMENT STANDARD TERMS This document sets out the terms and conditions upon which we agree to lease a vehicle and provide vehicle management services to you. It is important that

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

Gap Insurance. Tel No: 0845 5193825 Fax No: 0845 5193822 E: assetfinance@nmsfinancial.co.uk W: www.nmsassetfinance.co.uk

Gap Insurance. Tel No: 0845 5193825 Fax No: 0845 5193822 E: assetfinance@nmsfinancial.co.uk W: www.nmsassetfinance.co.uk Gap Insurance Gap Insurance gives you protection if your car is written off or stolen. It basically provides cover for any shortfall received from your motor insurer and the amount required to settle your

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

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

COMPLY WITH REGULATORY, TAXATION AND INSURANCE REQUIREMENTS FOR THE MICRO BUSINESS

COMPLY WITH REGULATORY, TAXATION AND INSURANCE REQUIREMENTS FOR THE MICRO BUSINESS COMPLY WITH REGULATORY, TAXATION AND INSURANCE REQUIREMENTS FOR THE MICRO BUSINESS UNIT BSBSMB305A This unit describes the performance outcomes, skills and knowledge required to outline the regulatory,

More information

Your guide to Volkswagen Financial Services

Your guide to Volkswagen Financial Services Your guide to Volkswagen Financial Services 1 About Volkswagen Financial Services Volkswagen Financial Services Product Benefits Personal Finance Consumer Loans 12 Novated Lease / Salary Packaging 14 Business

More information

Recommended for review. Understanding Business Insurance. Understanding Investment Concepts

Recommended for review. Understanding Business Insurance. Understanding Investment Concepts Recommended for review o Understanding Business Insurance Understanding Investment Concepts Page 1 Understanding Business Insurance Version 1.0 Preparation Date: 1 st July 2009 This document has been published

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

Product Disclosure Statement

Product Disclosure Statement MTA Insurance Limited Equity Plus Insurance Product Disclosure Statement This document must be read in conjunction with the Application/Certificate of Insurance for MTA Equity Plus Insurance. Together

More information

Throw in the dilemma of the Luxury Motor Vehicle Cost Limit and you have the potential for over claiming depreciation (decline in value) and GST.

Throw in the dilemma of the Luxury Motor Vehicle Cost Limit and you have the potential for over claiming depreciation (decline in value) and GST. Edition 23 Financing Motor Vehicles INTRODUCTION One of the most common decisions facing business is how to finance and account for the acquisition of a motor vehicle. There are numerous ways that can

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

Frequently Ask Questions

Frequently Ask Questions Frequently Ask Questions This document has been prepared to answer questions that you are likely to have on the new SalarySacrifice4Cars scheme ( the car scheme ). It is set out in 3 sections The car scheme

More information

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

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

More information

Your guide to CompleteLease

Your guide to CompleteLease Your guide to 1300 888 875 8.30am 5pm (EST) Monday Friday smallbusiness@toyota.com.au www.toyotafleetmanagement.com.au Toyota Fleet Management is a division of Toyota Finance Australia Limited ABN 48 002

More information

Flexible and convenient equipment finance for your business. Expect nothing less.

Flexible and convenient equipment finance for your business. Expect nothing less. Equipment Finance equipment finance Flexible and convenient equipment finance for your business. Expect nothing less. Delphi Bank s flexible and convenient equipment finance solutions are a competitively

More information

SOUTH AUSTRALIA. RevenueSA. Stamp Duties Circular No. 242 STAMP DUTIES ACT 1923 RENTAL BUSINESS PROVISIONS

SOUTH AUSTRALIA. RevenueSA. Stamp Duties Circular No. 242 STAMP DUTIES ACT 1923 RENTAL BUSINESS PROVISIONS SOUTH AUSTRALIA RevenueSA Stamp Duties Circular No. 242 STAMP DUTIES ACT 1923 RENTAL BUSINESS PROVISIONS This Circular is a general guide to the rental duty provisions (sections 31B to 31M) of the Stamp

More information

All you need to know about the. Seniors Money Lifetime Loan. Information for you, your family and your advisers

All you need to know about the. Seniors Money Lifetime Loan. Information for you, your family and your advisers All you need to know about the Seniors Money Lifetime Loan Information for you, your family and your advisers 1 Contents This brochure from Ireland s only specialist Lifetime Mortgage provider highlights

More information

DRIVERS GUIDE NOVATED LEASE

DRIVERS GUIDE NOVATED LEASE DRIVERS GUIDE NOVATED LEASE easifleet Drivers Guide WELCOME TO YOUR EASIFLEET NOVATED LEASE Your Drivers Guide contains all the information you need to operate and maintain your vehicle. We have included

More information

Funding options for Commercial Projects

Funding options for Commercial Projects Funding options for Commercial Projects SOLAR360: LEVEL 18, 499 ST KILDA RD, MELBOURNE VIC 3004 PHONE 1300 600 360 - www.solar360.com.au The following financing solutions apply to commercial solar and

More information

Guide to capital gains tax concessions for

Guide to capital gains tax concessions for business small business guide NAT 8384 05.2007 SEGMENT AUDIENCE FORMAT PRODUCT ID Guide to capital gains tax concessions for small business A number of legislative changes have been made to the concessions

More information

NOVATED LEASE AGREEMENT TERMS AND CONDITIONS

NOVATED LEASE AGREEMENT TERMS AND CONDITIONS NOVATED LEASE AGREEMENT TERMS AND CONDITIONS THIS BOOKLET CONTAINS: Finance Schedule and Tax Invoice Terms and Conditions Services Schedule Customer name: Customer number: Staple Finance Schedule here

More information

Alienation of personal services income

Alienation of personal services income Special e-bulletin Welcome to our Middleton Partners e Bulletin covering items that may be of interest. Please read and contact our office if further information or clarification is required. Alienation

More information

Reach Your Destination

Reach Your Destination Reach Your Destination 1 At Audi Finance, we specialise in providing superior services to match the superior performance of our cars. You can trust the reputation of an established and respected brand

More information

Paying your way. Tax issues for the self employed

Paying your way. Tax issues for the self employed Paying your way Tax issues for the self employed May 2012 Tax issues for the self employed This is a brief overview of tax issues that affect the self employed. Understanding your tax responsibilities

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

Understanding business insurance

Understanding business insurance 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

MACQUARIE LIFETIME INCOME GUARANTEE POLICY

MACQUARIE LIFETIME INCOME GUARANTEE POLICY MACQUARIE LIFETIME INCOME GUARANTEE POLICY series 1: Product disclosure statement issued 8 march 2010 Important NOTICE This Product Disclosure Statement ( PDS ) is dated 8 March 2010 and together with

More information

The sacrifice is achieved by varying your terms and conditions of employment for the term which you choose to receive a company car.

The sacrifice is achieved by varying your terms and conditions of employment for the term which you choose to receive a company car. Employee Frequently Asked Questions General 1 What is Colleague Cars? Colleague Cars is a unique scheme open to all employees whereby you exchange some of your normal salary in return for a company car.

More information

Tax Planning Checklist

Tax Planning Checklist Tax Planning Checklist For the year ended 31 March 2014 Contents Year end tax planning checklist 1 General tips on minimising tax 4 Help us to process your records efficiently and quickly 5 Help yourself

More information

Sales Tax Guidelines: How Kansas Motor Vehicle Dealers and Leasing Companies Should Charge Sales Tax on Leases

Sales Tax Guidelines: How Kansas Motor Vehicle Dealers and Leasing Companies Should Charge Sales Tax on Leases JOAN WAGNON, SECRETARY DEPARTMENT OF REVENUE POLICY AND RESEARCH MARK PARKINSON, GOVERNOR DEPARTMENT OF REVENUE POLICY AND RESEARCH Sales Tax Guidelines: How Kansas Motor Vehicle Dealers and Leasing Companies

More information

NARACOORTE LUCINDALE COUNCIL COUNCIL POLICY C1.9 MOTOR VEHICLES

NARACOORTE LUCINDALE COUNCIL COUNCIL POLICY C1.9 MOTOR VEHICLES RESPONSIBLE OFFICER: RELEVANT DELEGATIONS: LEGISLATION AND REFERENCES: Chief Executive Officer Director Corporate Services PURPOSE OF POLICY To define the parameters under which all employees, Elected

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

A GUIDE TO SALARY SMART FOR EMPLOYERS 25+

A GUIDE TO SALARY SMART FOR EMPLOYERS 25+ A GUIDE TO SALARY SMART FOR EMPLOYERS 25+ Introducing Salary Smart Salary Smart is an arrangement where an employee gives up part of their future earnings or bonus in exchange for a non-cash benefit. As

More information

Home Loans. Talk to us today.

Home Loans. Talk to us today. Home Loans Talk to us today. Since 1875 we ve helped more than half a million people buy their dream home. It s what we do best. With 140 years of home loan know-how, you won t find a more experienced

More information

Efficient cars, efficient finance and perfect business sense. Fleet solutions to get your business moving.

Efficient cars, efficient finance and perfect business sense. Fleet solutions to get your business moving. Efficient cars, efficient finance and perfect business sense. Fleet solutions to get your business moving. Toyota continues to push technology forward for today s constantly evolving world. Our long-standing

More information

University Fleet Procedures

University Fleet Procedures University Fleet Procedures Category: Human Resources Facilities 1. LEGISLATION/ENTERPRISE AGREEMENTS/POLICY SUPPORTED Remuneration and Benefits Policy 2. IMPLEMENTATION PRINCIPLES 2.1. The University

More information

Procedure Manual. (Web Version) Provision of Fleet Management Services

Procedure Manual. (Web Version) Provision of Fleet Management Services Procedure Manual (Web Version) Provision of Fleet Management Services Cathy Moore Client Relationship and Marketing Manager StateFleet Department of Finance, Services and Innovation T 02 9372 7749 E cathy.moore@finance.nsw.gov.au

More information

Guide for taxpayers with a luxury car tax obligation. Luxury car tax. For more information visit

Guide for taxpayers with a luxury car tax obligation. Luxury car tax. For more information visit Guide for taxpayers with a luxury car tax obligation Luxury car tax For more information visit www.ato.gov.au NAT 3394-04.2012 Our commitment to you We are committed to providing you with accurate, consistent

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

AFFORDABLE HOUSING ACTION PLAN

AFFORDABLE HOUSING ACTION PLAN AFFORDABLE HOUSING ACTION PLAN ACT LAND RENT SCHEME - FREQUENTLY ASKED QUESTIONS LAND What is the ACT Land Rent Scheme? The Land Rent Scheme is an ACT Government initiative to increase access to affordable

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

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

Ministry Of Finance VAT Department. VAT Guidance for on the Treatment of Motor Vehicles Version 4: November 1, 2015

Ministry Of Finance VAT Department. VAT Guidance for on the Treatment of Motor Vehicles Version 4: November 1, 2015 Ministry Of Finance VAT Department VAT Guidance for on the Treatment of Motor Vehicles Version 4: November 1, 2015 Introduction This guide is intended to provide those selling or hiring vehicles by way

More information

INVESTMENT PROPERTY RECORD BOOK FOR LANDLORDS

INVESTMENT PROPERTY RECORD BOOK FOR LANDLORDS FOR LANDLORDS 1. INTRODUCTION TABLE OF CONTENTS 2. INFORMATION GUIDE FOR LOG 3. PROPERTY DETAILS AND CONTACTS PROPERTY ADDRESS MANAGING AGENT BODY CORPORATE TENANTS SOLICITOR ACCOUNTANT FINANCIER INSURANCE

More information

NHS South Tees CCG. Lease Car Policy

NHS South Tees CCG. Lease Car Policy NHS South Tees CCG Lease Car Policy Policy Title: Lease Car Policy Date: July 2013 1. Introduction NHS South Tees CCG Guide to Scheme Principles and Conditions for Employees NHS South Tees CCG has in operation

More information

National Archives of Australia - Administrative Functions Disposal Authority March 2010

National Archives of Australia - Administrative Functions Disposal Authority March 2010 Accidents The activities involved in dealing with mishaps causing injury or damage. Includes damage or injury to the organisation's property or member of staff incurred while coming to, at, or leaving

More information

Small Business Tax Interview Checklist - 2011 Tax Return

Small Business Tax Interview Checklist - 2011 Tax Return The interview checklist is a series of questions to assist clients and tax practitioners complete tax returns efficiently and consistently and to help identify relevant tax issues for special consideration.

More information

Understanding Business Insurance

Understanding Business Insurance Version 4.0 Preparation Date: 2 November 2009 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to business insurance.

More information

Small Business Tax Interview Checklist - 2010 Income Tax Return

Small Business Tax Interview Checklist - 2010 Income Tax Return Please answer the following and supply supporting information where applicable. This will guide the completion of the business and professional items schedule. 2009/2010 refers to the period from 1 July

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

Making Sense of GAP Insurance How To Mind Your GAP

Making Sense of GAP Insurance How To Mind Your GAP Making Sense of GAP Insurance How To Mind Your GAP Customer Fact Sheet Guaranteed Asset Protection June 2012 MAKING SENSE OF GAP INSURANCE HOW TO MIND YOUR GAP 3 What is GAP insurance? If you re thinking

More information

Derbyshire Healthcare NHS Foundation Trust. Lease Car Scheme

Derbyshire Healthcare NHS Foundation Trust. Lease Car Scheme Derbyshire Healthcare NHS Foundation Trust Lease Car Scheme October 2012-1 - 1. INTRODUCTION Derbyshire Healthcare Foundation Trust has agreed to introduce a Lease Car Scheme which enables employees who

More information

Product Disclosure Statement

Product Disclosure Statement MTA Insurance Limited Marine Equity Insurance Product Disclosure Statement This document must be read in conjunction with the Application/Certificate of Insurance for MTA Marine Equity Insurance. Together

More information

Guidelines for providing car modifications or contribution towards the purchase cost of a car for injured workers

Guidelines for providing car modifications or contribution towards the purchase cost of a car for injured workers Car Modifications Guidelines for providing car modifications or contribution towards the purchase cost of a car for injured workers June 2013 The WorkSafe Agent (the Agent) can pay the reasonable costs

More information

Procedure Manual. (Web Version) Provision of Fleet Management Services

Procedure Manual. (Web Version) Provision of Fleet Management Services Procedure Manual (Web Version) Provision of Fleet Management Services Cathy Moore Client Relationship and Marketing Manager StateFleet NSW Department of Finance and Services T 02 9372 7749 F 02 9372 7772

More information

Notes on the Small Business Tax Interview Checklist

Notes on the Small Business Tax Interview Checklist Notes on the Small Business Tax Interview Checklist The interview checklist are a series of questions to assist client sand tax practitioners complete tax returns efficiently and consistently and help

More information

Motor Equity Insurance. Policy Document (Product Disclosure Statement) 216469 POL373 Alph cov_d1.indd 2 6/03/13 12:47 PM

Motor Equity Insurance. Policy Document (Product Disclosure Statement) 216469 POL373 Alph cov_d1.indd 2 6/03/13 12:47 PM Motor Equity Insurance Policy Document (Product Disclosure Statement) 216469 POL373 Alph cov_d1.indd 2 6/03/13 12:47 PM Preparation Date: 01/03/2013. 216469 POL373 Alph cov_d1.indd 3 6/03/13 12:47 PM Table

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

Presentation Slides. Lesson Nine. Cars and Loans 04/09

Presentation Slides. Lesson Nine. Cars and Loans 04/09 Presentation Slides $ Lesson Nine Cars and Loans 04/09 costs of owning and operating a motor vehicle ownership (fixed) costs: Depreciation (based on purchase price) Interest on loan (if buying on credit)

More information

Walshs Financial Planning Financial Services + Credit Guide Version 03.2016

Walshs Financial Planning Financial Services + Credit Guide Version 03.2016 Walshs Financial Planning Financial Services + Credit Guide Version 03.2016 The purpose of this guide is to give you information about: The services we or our advisers are authorised to provide How we

More information

SMALL BUSINESS TAX INTERVIEW CHECKLIST 2012 INCOME TAX RETURN

SMALL BUSINESS TAX INTERVIEW CHECKLIST 2012 INCOME TAX RETURN The interview checklist is a series of questions to assist clients and tax practitioners complete tax returns efficiently and consistently and to help identify relevant tax issues for special consideration.

More information

AUTOMOTIVE BUSINESS REGULATION

AUTOMOTIVE BUSINESS REGULATION Province of Alberta FAIR TRADING ACT AUTOMOTIVE BUSINESS REGULATION Alberta Regulation 192/1999 With amendments up to and including Alberta Regulation 152/2013 Office Consolidation Published by Alberta

More information

Understanding Business Insurance

Understanding Business Insurance Level 7,34 Charles St Parramatta Parramatt NSW 2150 PO Box 103 Parramatta NSW 2124 Phone: 02 9687 1966 Fax: 02 9635 3564 Web: www.carnegie.com.au Guide Build Protect Manage Wealth Understanding Business

More information

FLORIDA LEMON LAW SUMMARY

FLORIDA LEMON LAW SUMMARY EXECUTIVE SUMMARY TIME PERIOD FOR FILING CLAIMS ELIGIBLE VEHICLE ELIGIBLE CONSUMER For certified procedure, Lemon Law Rights Period (24 months from original delivery) plus 60 days. For state Board, Lemon

More information

Extended Warranty Insurance Policy

Extended Warranty Insurance Policy Extended Warranty Insurance Policy Product Disclosure Statement and Policy Wording Prepared 27 th March 2012 The AVEA Insurance Limited (ABN 18 009 129 793), AFS Licence No. 238279 1. Introduction This

More information

RECENT INCOME TAX CHANGES

RECENT INCOME TAX CHANGES RECENT INCOME TAX CHANGES Increased Medicare Levy Low Income Thresholds The Medicare Levy low-income thresholds for families and dependent child-student component of the threshold have been changed to

More information

Simply Clever Protection

Simply Clever Protection Simply Clever Protection ŠKODA Insurance is designed for practicality and flexibility, at a surprisingly affordable price. But isn t that just what you d expect from ŠKODA? We know ŠKODA drivers are independent

More information

GAP Insurance. (or Guaranteed Asset Protection Insurance)

GAP Insurance. (or Guaranteed Asset Protection Insurance) GAP insurance covers the scenario that GAP Insurance (or Guaranteed Asset Protection Insurance) Your vehicle is labelled a total write off or stolen and unrecoverable by your motor insurer; and Your motor

More information

Purchase Order Terms and Conditions

Purchase Order Terms and Conditions Purchase Order Terms and Conditions BGC Contracting Date As per Purchase Order 1. Definitions BGC means the BGC entity named in the Purchaser Order its authorised agents, employees, heirs and successors.

More information

Service Delivery and Performance Commission Page 9

Service Delivery and Performance Commission Page 9 Service Delivery and Performance Commission Page 9 2 Industry Overview 2.1 Introduction This chapter provides an overview of the Australian Automotive Industry, including market characteristics and an

More information

COLLEAGUE CARS FAQ S. What are the benefits of Colleague Cars? What is included in the package? How much can I save?

COLLEAGUE CARS FAQ S. What are the benefits of Colleague Cars? What is included in the package? How much can I save? What are the benefits of Colleague Cars? What is included in the package? How much can I save? COLLEAGUE CARS FAQ S Can I arrange to test drive a car? What makes and models are available? A brief insight

More information

Employee car leasing and cash alternative scheme conditions (live scheme) FOR EMPLOYEES ON BAND 9 AND ABOVE Effective from August 2007

Employee car leasing and cash alternative scheme conditions (live scheme) FOR EMPLOYEES ON BAND 9 AND ABOVE Effective from August 2007 Employee car leasing and cash alternative scheme conditions (live scheme) FOR EMPLOYEES ON BAND 9 AND ABOVE Effective from August 2007 1 INTRODUCTION This Scheme provides a leased car of the employee s

More information

Reduce your fleet costs in nine simple steps

Reduce your fleet costs in nine simple steps Reduce your fleet costs in nine simple steps 75% of fleets expect their costs to rise in 2010. 1 Running a cost efficient fleet is therefore more important than ever in order to keep your expenditure under

More information

Advanced guide to capital gains tax concessions for small business 2013 14

Advanced guide to capital gains tax concessions for small business 2013 14 Guide for small business operators Advanced guide to capital gains tax concessions for small business 2013 14 For more information visit ato.gov.au NAT 3359 06.2014 OUR COMMITMENT TO YOU We are committed

More information

FEDERAL INLAND REVENUE SERVICE Revenue House, Abuja. INFORMATION No. 2010/01 CIRCULAR Date of Publication: 12 th April, 2010

FEDERAL INLAND REVENUE SERVICE Revenue House, Abuja. INFORMATION No. 2010/01 CIRCULAR Date of Publication: 12 th April, 2010 FEDERAL INLAND REVENUE SERVICE Revenue House, Abuja INFORMATION No. 2010/01 CIRCULAR Date of Publication: 12 th April, 2010 GUIDELINES ON THE TAX IMPLICATIONS OF LEASING This Circular is issued pursuant

More information

(1) The purchaser, other than for purposes of resale, of a motor vehicle;

(1) The purchaser, other than for purposes of resale, of a motor vehicle; TITLE 13. COMMERCIAL TRANSACTIONS OHIO UNIFORM COMMERCIAL CODE CHAPTER 1345. CONSUMER SALES PRACTICES NONCONFORMING NEW MOTOR VEHICLE LAW 1345.71. Definitions As used in sections 1345.71 to 1345.78 of

More information

ROYAL MALAYSIAN CUSTOMS

ROYAL MALAYSIAN CUSTOMS ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON HIRE PURCHASE and CREDIT SALE Table of Contents 1. INTRODUCTION 04 2. OVERVIEW OF GOODS AND SERVICES TAX (GST) 04 3. OVERVIEW GENERAL OPERATIONS

More information

Toyota Finance for Business

Toyota Finance for Business Toyota Finance for Business Welcome 2 Why choose Toyota Financial Services? 3 1 Toyota Contract Hire 4 AccessToyota 7 Other financial products 9 Protecting your car 12 Personal Tax for Company Car Drivers

More information