GUIDE TO SALARY PACKAGING A CAR

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1 GUIDE TO SALARY PACKAGING A CAR

2 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 FREQUENTLY ASKED QUESTIONS 7 ABOUT PAYWISE 12 DISCLAIMER Paywise Pty Ltd COMMERCIAL IN CONFIDENCE PAGE 2

3 SALARY PACKAGING A CAR INTRODUCTION Paywise allows you to include a new or used car in your salary package through a novated lease arrangement. Salary packaging a novated lease enables you to save money (via income tax and Goods and Services Tax (GST) savings) because car lease and running costs are paid using your pre-tax salary (or a combination of pre-tax and after tax salary). A novated lease is an agreement between you, your employer and an authorised finance company evidenced by a Deed of Novation. This means your employer is responsible for the lease payments whilst you are in their employment. Your employer makes payments (through Paywise) for the car s lease and operating costs in exchange for your salary packaging arrangement. You can select a lease term between 1-5 years and also have the option to purchase the car at the end of the lease term for a pre-agreed value also known as the residual value. The FAQ section at the end of this document has additional information on this matter. The novated lease ceases when your employment is terminated, but the finance agreement between you and the finance company remains in place. You then have the option to continue with the lease payments and pay for them from your after tax income (outside salary packaging), transfer the novated lease to a new employer or pay the lease out early. WHY SALARY PACKAGE A CAR WITH PAYWISE Here are some of the benefits of including a car in your salary package: You save money AND pay less income tax Firstly, you save GST on the purchase of your car from a licensed dealer. That s a 10% saving on the purchase price of a car! Secondly, lease payments and car running costs are paid predominately using pre-tax salary, this effectively reduces your taxable income and your income tax liability. Competitive interest rates You will also benefit from the competitive interest rates available from our partnership with leading financial institutions. In most instances, a novated lease arrangement could be a better alternative to financing a car via a personal loan or a hire purchase arrangement. Fleet discounts on the new car of your choice Novated leasing allows you to drive the car of your choice (within your employer s guidelines). You can choose the make and type of car, either new or used, which best suits your lifestyle. Better still, you can access substantial discounts through our preferred dealership network. Paywise s buying power has saved our members thousands of dollars on the purchase price of their car. According to the Australian Taxation Office (ATO), the following types of vehicles (including four-wheel drive vehicles) are cars: motor cars, station wagons, panel vans and utilities (excluding panel vans and utilities designed to carry a load of one tonne or more) all other goods-carrying vehicles designed to carry less than one tonne, and all other passenger-carrying vehicles designed to carry fewer than nine occupants Paywise Pty Ltd COMMERCIAL IN CONFIDENCE PAGE 3

4 Restrictions on the age and value of your car do apply: Cars need to be 9 years old or under at the end of the novated lease term; Unless allowed by your employer, the car purchase price should fall under $57,466 including GST, and before on road charges. Cars over this amount will incur Luxury Car Tax. Paywise does not salary package motorcycles as they are excluded from Australian Tax Office salary packaging offering. One stop shop An experienced Paywise Leasing Consultant will manage the entire novated lease process for you. They will take you through it step-by-step so that you are aware of the process at all times. Our staff are highly trained professionals with up to date salary packaging knowledge, car expertise and experience in related industries. Convenience Paywise uses a preferred dealership network to source and supply cars to our members. We liaise with our dealers to source your car and ensure you receive the best price. You do not have to negotiate with salespeople or do any legwork. Our dealers provide you with top service, are happy to answer any technical questions and can arrange a test drive or car demonstration for you. In addition, our maintained novated lease service keeps track of all your car expenses via a fuel / maintenance payment card. Maintained Novated Lease Our maintained novated lease provides members with a cost effective, convenient and hassle free way to run a car. Paywise will assist you with the set-up of your novated lease finance from our approved financiers. The fixed finance instalments are paid via a combination of pre tax and after tax salary packaging arrangements. Using a Caltex StarFleet Card, you are able to purchase fuel at all Caltex, Ampol, Woolworths and some independent service stations nationally. Your Caltex StarFleet card is accepted at more than 2,400 leading car brand dealerships, major franchise repair networks and independent repairers. This guarantees that you save money on repairs and maintenance because repairers are required to have quotes and repair schedules approved by StarFleet before any work commences. With preferred rates for parts and labour at a discount of up to 15% - you can expect even greater savings. Your Caltex StarFleet card can also be used to purchase tyres at corporate rates from a number of national providers. Paywise can manage your comprehensive insurance or you can arrange your own insurance. Either way, a budget for the cost of comprehensive insurance is included in your lease package. As your car is registered in your name, registration and compulsory third party insurance is paid by you, but the payment is reimbursed from your lease package. Paywise will pay your registration directly from your lease package provided we receive your renewal notice at least 14 days before the payment is due. All finance companies on the Paywise panel have an arrangement where our members are not required to make a finance instalment for two months from pick up of the new car. You can use a financier that is not a Paywise panel provider, however if your finance company does not provide a two-month deferred arrangement you may be required to meet the first payment(s) from your after tax income Paywise Pty Ltd COMMERCIAL IN CONFIDENCE PAGE 4

5 HOW SALARY PACKAGING A CAR WORKS Car sourcing and financing You can source the car and finance by shopping around or better still, you can access substantial discounts through our preferred dealership network and receive competitive rates through our partnership with leading financial institutions. Budgets When you choose to participate in salary packaging you will work with a Paywise Leasing Consultant to set a budget for the items you want to include in your package. The Leasing Consultant will then show you the anticipated savings based on your budget and advise you of the deductions that will be requested from your pay each pay period. Your Leasing Consultant will also send a finance application form for you to complete and return. Once you have provided all the completed paperwork to Paywise and picked up your car, Paywise will commence your novated lease deductions. This will allow Paywise sufficient time to build funds in your salary packaging account before making the first finance payment. Please note, if during your lease term you spend more on your car expenses than allocated, Paywise may not be able to make payments until sufficient funds are received. Paywise monitors your spending and provides you with a monthly driver report that summarises your spending against budget, and also shows how your travel is tracking for FBT purposes. Paywise distributes and/or transfers expenses associated with salary packaged items using the following methods: Deductions The next step is for Paywise to request your employer to make the agreed deductions each pay period. This is all managed by Paywise and your payroll team. Usually deductions are from your pre-tax salary but if you package a car, you will most likely have some deductions pre-tax and some after tax. Your Leasing Consultant will have explained this to you when you establish your budget. The deduction types depend on your salary. Once the deductions have been received by Paywise we will reconcile them against the request we made and allocate them to your car account. These funds are then available for lease and fuel payments or reimbursements of expense you have incurred. Note: Paywise may not receive your deductions the same day you receive your pay. Paywise will reconcile the funds and allocate to your car account within 3 days of receipt of the funds from payroll. Reimbursements If you have paid for a packaged item you can submit a claim for the reimbursement of that payment for example, after you pay your car registration you submit a reimbursement claim form with a copy of the registration tax invoice to Paywise and Paywise will reimburse you from the salary packaging deductions we received from your payroll. Reimbursements are made by EFT to a bank account you nominated when your account was established Paywise Pty Ltd COMMERCIAL IN CONFIDENCE PAGE 5

6 Payments or reimbursements can only be made once the following actions are complete: Your salary packaging agreement has been signed; Any required substantiation has been provided; Other employer requirements have been met; Funds are available from salary deductions; If a reimbursement, a completed reimbursement claim form has been submitted to Paywise with accompanying tax invoices/receipts. Member responsibilities The FBT year is from 1 April 31 March the following year; you need to ensure you reach your target odometer reading by 31 March each year. By providing an odometer reading whenever using your Paywise provided fuel card the Paywise management system updates your vehicle records and projects what your vehicle odometer reading will be on 31 March. Paywise provides you with a report each month stating whether you are on target to reach your minimum budgeted kilometres. The readings you provide are used to calculate the FBT liability, if any, and provide a FBT report to you and your employer. If you do not provide your odometer reading for 31 March, you may incur a FBT liability which is calculated at the highest rate and which is payable by you. An odometer reading will also be required on the day you terminate your car lease. Each day the car is under a novated lease, FBT accrues. FBT can be paid from pre-tax deductions or a provision can be made via after tax contribution (ATC) to eliminate or reduce FBT. The decision to pay FBT or to make an ATC is part of the budget for your car benefit. The gap is a shortfall in ATC or FBT provision that accrues between the time you take possession of your car and when the first deduction is collected from your pay. The gap needs to be collected before the end of the FBT year so the FBT provision or ATC has the desired effect on FBT. The gap is collected by requesting additional ATC or FBT deductions from your salary over the number of pay periods you authorise. Paywise will contact you to discuss any gap and the collection process. EMPLOYMENT TERMINATION If you are leaving your employer before your lease ends you need to advise Paywise. On termination the responsibility for the lease and running costs reverts to you the novation agreement terminates and your salary packaging ends. As soon as you know you will be leaving your employer you need to complete a Termination Form and or fax it to Paywise. The Termination Form confirms your instruction to terminate your novated lease arrangement and provides the effective date of termination. You will also be required to submit any outstanding claims and a closing odometer reading so your FBT position can be calculated. To avoid a FBT liability your car will need to have travelled the pro rata budgeted kilometres for the part of the year it was packaged. If the car hasn t travelled that distance you may need to make an additional after tax contribution to avoid the FBT liability. Paywise will assist you if you provide the required information so make it a priority to manage your lease if you are changing employers. If you are a fuel card holder, it can take 45 days for Paywise to finalise your packaging. The lead time is because confirmation from the fuel card provider that all expenses have been processed and paid is required before your packaging can be finalised. If you have any funds in your car account when your termination is finalised, Paywise will return the funds to your employer. Your employer should then tax the funds and return them to you Paywise Pty Ltd COMMERCIAL IN CONFIDENCE PAGE 6

7 EARLY TERMINATION You are able to terminate your novated lease arrangement at any time before the contracted end date. To terminate, you will need to complete a Termination Form which confirms your instruction to terminate your novated lease arrangement and provides the effective date of termination. You will also be required to submit any outstanding claims and a closing odometer reading so your FBT position can be calculated. Finalisation of your novated lease by Paywise will take up to 45 days to allow sufficient time to process any after tax contribution adjustments and final fuel and supplier invoices. Any surplus funds remaining in your Paywise salary packaging account will be returned to your employer and taxed before being returned to you. GET STARTED Our novated lease quotes can cover a range of different scenarios. If you know your preferred car make and model, please complete the Car Quotation Request form found with the Fact Sheet on Cars and return it to Paywise. A Leasing Consultant will contact you to discuss your exact requirements. If you are undecided on your preferred car make and model, please contact Paywise with the following information: Type of car best suited to your requirements for example, small hatchback, large family sedan, 4wd wagon; Estimated purchase price of car; Estimated kilometres your car will travel per year; Preferred lease term ( 1 to 5 years); Employment details: Including employment status (full time/part time) and current gross annual salary. Paywise will then arrange an approximate quotation showing you the savings through packaging. To see the savings salary packaging your current car can offer, please complete the Sale and Lease Back Car Quotation form and return it to Paywise. A detailed model showing the savings will be sent for your consideration. These forms can be found on your intranet For any further information, or to discuss how to commence your novated lease arrangements please contact Paywise on FREQUENTLY ASKED QUESTIONS Q. What is a novated lease? A. A lease is a financial arrangement whereby you agree to make monthly lease payments to a financier for an agreed number of months and then to make a one off payment for the balance of the finance (a residual payment). To be eligible to salary package the car lease, it must be a novated lease. The novation is a process whereby you assign most of the responsibility for the financing of the car to your employer while the lease is current or until your employment ends whatever comes first. You always remain responsible for the residual payment Paywise Pty Ltd COMMERCIAL IN CONFIDENCE PAGE 7

8 In exchange for your employer taking on the lease responsibilities for your car, you agree to forgo some pre-tax and after tax salary to pay for your car costs i.e. lease, running costs, repairs, maintenance etc. For clarity, your employer will only make payments from the funds you have forgone. If you do not provide those funds the financier will look to you for payment. Q. I have recently purchased a new car, can I salary package it? A. Paywise also offers the Sale and Lease Back novated lease which provides you with the option to salary package your current car provided it meets the age and value restrictions as set out for novated leases. This process releases any equity in your car whilst gaining the taxation benefits of salary packaging it via a novated lease. Q. Does the car need to be primarily for business use? A. No, the car can be driven for personal use. Q. Do I need to keep a motor vehicle travel log book? A. No, you do not need to keep a log book for your car. However, you do need to provide your car s odometer reading when purchasing fuel with a Paywise provided fuel card. Each month Paywise will provide you with a report showing your car s progress against its budgeted kilometres. If the car is not on target to reach the budgeted kilometres by 31 March you should contact Paywise to discuss your options. If the car doesn t travel the budgeted kilometres you may end up with an FBT liability! Q. What happens if my lease doesn t start on 1 April or finish on 31 March? A Each full FBT year, your car needs to travel the budgeted kilometres for that year. In the first year the distance travelled is pro rated based on the number of days the car was leased (and packaged) within that FBT year. The distance is pro-rated by calculating the number of days the car was under a salary packaged in the FBT year and multiplying the days available by the daily rate of travel required. For example, if you nominated to travel 25,000 km per year and you started your salary packaging on 15 August, your pro-rata distance would be 15,685 kms. The daily rate is 25,000 / 365 days (non leap year) = There are 229 days from 15 August to 31 March. Distance required to meet your budget is km/ day multiplied by 229 days = 15,685 kms. Your odometer reading at 31 March needs to be your opening odometer reading at 15 August plus 15,685 to meet your budgeted kilometres. Q. Can I salary package a car for my partner or children? A. Yes you can! The car will be registered and insured in your name as the novated lease agreement is signed by you and your employer. Payments for the novated lease will be deducted from your pre-tax / after tax salary as per your salary packaging arrangement. Q. How do I find more information on my chosen car? A. Paywise uses a preferred dealership network to supply cars for our members. Paywise can arrange for the dealership to contact you to discuss any questions about the car and arrange a test drive. Paywise regularly updates our preferred dealer network to ensure our members are achieving the best service and fleet pricing available on cars. Q. Can I use my Paywise quote to negotiate car pricing with any other car dealer? A. No. Paywise uses a select dealership network and the pricing structure is a confidential arrangement between the dealer and Paywise on behalf of your employer. Disclosing the pricing to other dealers may result in the car manufacturer withdrawing future discounts. If there is a specific reason for you not wanting to use our preferred network for example, location of dealership please contact your Leasing Consultant and ask Paywise to contact that dealership on your behalf Paywise Pty Ltd COMMERCIAL IN CONFIDENCE PAGE 8

9 Q. Can I source and find my own financier for a novated lease? A. If your car is sourced and financed through arrangements other than Paywise you may still be entitled to salary package a car under your employer guidelines and have Paywise administer the arrangements on your behalf. Please provide Paywise with a full copy of your novated lease documents, once signed by all parties. Choose either a maintained or non-maintained finance lease and a relevant fuel card will be ordered for you. Where offered, operating cost budgets will be calculated upon receipt of your lease documents. Q. What if the dealership is not convenient for servicing and repair work? A. You are not required to have your car serviced from the place of purchase. Nationwide, 2,400 leading car brand dealerships, major franchise repair networks and independent repairers accept our maintenance card for your servicing and repair work. Q. What if my car is being repaired after an accident and is unavailable for use? A. You will need to provide supporting documents from your repairer and you may be able to claim a reduction in FBT or after tax contributions according to the number of days the car is unavailable. Please contact Paywise to obtain a Days Unavailable Declaration at the end of the FBT year if your car was unavailable for use for this reason. Please be aware, your car being unavailable does not alter your required kilometres per year. Q. Which costs are NOT included in my Salary Package? A. The following expenses cannot be included in your salary package: Car accessories and modifications after the car is delivered. Any accessories should be included in your car purchase price; Personal number plates unless included in the delivery; Toll fees; Car Parking; Speeding and other infringement notices. Q. How do I proceed with my Paywise quotation? A. Please contact Paywise Fleet Management on , for assistance. You will need to provide the following so a quote can be prepared. Make and model Options or accessories required Number of kilometres the car is likely to travel each year. Q. How long will it take to establish my novated lease? A. Generally, if your car is immediately available, the entire process of establishing your novated lease will take approximately 14 days, allowing sufficient time for all documentation to be signed by you and your employer representative. However, if your car is not available immediately, until your car arrives at the dealership and is being registered Paywise cannot prepare the relevant documentation. Q. How Fringe Benefits Tax (FBT) works? A. Not everyone wants to know the detail of FBT calculations, so if you are interested here are some facts and FBT calculations to explain how FBT on cars works Paywise Pty Ltd COMMERCIAL IN CONFIDENCE PAGE 9

10 Facts Cars that are salary packaged attract FBT. FBT can be eliminated or reduced by an after tax contribution a salary deduction from your after tax income. Whether it is better to pay FBT or to eliminate FBT via an after tax contribution depends on your income and goals for packaging. If you pay FBT the payment is to the tax office and therefore not available in your salary packaging account. If you make an after tax contribution, your contribution is added to your salary packaging account and is available for reimbursement of fuel and other running costs. recommends you obtain financial advice in relation to salary packaging your car. Paywise There are several components in the calculation of FBT liability: Taxable value including employee after tax contribution; gross up rate, and FBT rate. Each of these is explained below. The calculation for FBT liability = Taxable value X gross up rate X FBT rate. Taxable Value The taxable value of a car is calculated as follows: Taxable value = Where: (A x B x C) - E D A Base value of the car Original purchase price including cost of fitted accessories plus deliver delivery charges. Registration, compulsory third party and comprehensive insurance are not included in the base price. B Statutory percentage Refer statutory percentage table below C Number of days car is available for use in FBT Usually 365 or 366 in a leap year year D Number of days in FBT year 365 or 366 if a leap year E Employee after tax contribution After tax contributions deducted through your payroll Statutory Percentage table Kilometres travelled Statutory Percentage FBT Year Statutory Percentage FBT Year Statutory Percentage beyond April 1, ,999 20% 20% 20% 15,000 24,999 20% 20% 20% 25,000 40,000 17% 20% 20% 40, % 17% 20% Employee after tax contribution The after tax contribution is calculated using the number of kilometres you nominated for your car to travel in an FBT year. If the car doesn t achieve that budget a FBT liability may result. Gross up rate Gross up rate converts the taxable value of the car to a tax inclusive rate that is, to the same value that would have been received had the value been paid as salary. The gross up rate for cars is currently Paywise Pty Ltd COMMERCIAL IN CONFIDENCE PAGE 10

11 FBT rate FBT rate is levied at the highest marginal tax rate currently 46.5%. Example 1 without an after tax deduction Example 2 with an after tax deduction Purchase price $30,000 $30,000 Budgeted kilometres 1 15,000 kilometres 15,000 kilometres April and 31 March Days available Days in FBT year Employee Contribution 0 $ 6,000 Taxable value = 30,000 X 20% X = $6,000 = 30,000 X 20% X $6, = $0 FBT Liability = $6,000 X X 46.5% = $5, (pre tax deduction = $0 X X 46.5% = $0 From this you can see that if you make an appropriate after tax contribution no FBT will be payable, but if your car does not travel the required number of kilometres it may fall into a different statutory percentage calculation and you could be left with a FBT liability. For more information on a novated lease and salary packaging, contact Paywise. P: F: E: W: Paywise Pty Ltd COMMERCIAL IN CONFIDENCE PAGE 11

12 ABOUT PAYWISE Salary packaging remains a complex offering that is impacted by taxation legislation and thresholds; superannuation legislation and employee s requirements. At Paywise our focus is on managing salary packaging on behalf of employers so employers can provide flexible salary packages to employees increasing their ability to attract and retain the right employees for their business. Paywise s expertise and experience enable us to take on the role of keeping up to date with legislative requirements; to assist employers to develop salary packaging policies; and to streamline administration and reporting requirements. Paywise is a proud Australian company; an industry leader with many years of experience; and a dedicated team supported by quality systems. At Paywise we take pride in providing The easy way to better pay. DISCLAIMER This publication has been prepared without consideration of the particular investment objectives, financial situation and needs of individual members (also referred to in this guide as employee, as appropriate). In all cases, employees should conduct their own investigation and analysis of the information contained in this publication. No employee should act on the basis of any matter contained in this publication without taking appropriate legal, financial and other professional advice upon their own personal and particular circumstances. It is strongly recommended that each employee who wishes to take advantage of salary packaging seeks appropriate legal, financial and other professional advice. Paywise, each of its employees and every person involved in the preparation of this publication expressly disclaim all liability for any loss damage of whatsoever kind (whether foreseeable or not) which may arise from any person acting or relying any statements contained in this publication or for any information given by any salary consultant and notwithstanding any negligence, default of lack of due diligence and care. This disclaimer does not limit or alter those statutory rights, which cannot be excluded Paywise Pty Ltd COMMERCIAL IN CONFIDENCE PAGE 12

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