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

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1 Salary packaging information booklet Motor vehicles and novated leasing For Queensland Health Employees State of Queensland (Department of Housing and Public Works) 2013

2 About this booklet Disclaimer This booklet provides information on salary packaging of a novated lease. It has been written specifically for you as an employee of the Queensland Government. Salary packaging is allowed under the Income Tax Assessment Act 1997 (Cth) and Fringe Benefits Tax Assessment Act 1986 (Cth) and through the standing offer arrangement QGCPO250/10 with the Queensland Government. The information contained in publications relating to salary packaging has been prepared for general information purposes only, without taking into consideration any individual circumstances. Before acting on any of the information contained within the salary packaging publications, you should consider your objectives, financial situation and needs, and if necessary, take the appropriate legal, financial or other professional advice based on your own particular circumstances. The contents of salary packaging publications should be read carefully to ensure you understand the salary packaging arrangement and the benefit item profiles. The Queensland Government takes no responsibility for any adverse outcomes that may result from an employee deciding to enter into any salary packaging agreement. The Queensland Government strongly recommends you obtain independent financial advice before entering into a salary packaging agreement. Copyright State of Queensland (Department of Housing and Public Works) All rights reserved. This document may be reproduced, transmitted or stored, in electronic form or otherwise, for the purpose of training, educational and advice purposes associated with this document. Otherwise, no part of this document may be produced by any process, electronic or otherwise, in any material form or transmitted to any other person or stored electronically in any form, without prior written permission of the copyright holder, except as permitted under the Copyright Act 1968 (Cth). Any use of this document will be at the risk of the user. Any enquiries relating to the reproduction of these conditions should be directed to: Queensland Government Chief Procurement Officer Queensland Government Chief Procurement Office Department of Housing and Public Works GPO Box 123 Brisbane Qld 4001 More information More information about Standing offer arrangement QGCPO250/10 salary packaging services is available at the Queensland Contracts Directory (QCD) More information about whole-of-government supply arrangements may be obtained at the Department of Housing and Public Works website under supply and disposal > government procurement. Version February

3 Contents 1. Definitions About standing offer arrangement QGCPO 250/10 for salary packaging Salary packaging a motor vehicle Things to know Getting started Novated leasing financiers Novated leasing calculations Novated leasing running costs Fuel cards Vehicle insurances Vehicle registration Vehicle maintenance/servicing including spare parts Vehicle accessories Novated leasing application process Salary packaging arrangements Payroll deductions First lease payment Reimbursement/payment Novated leasing amendments Novated leasing cessations Vehicle residual value Transferring or seconding to another agency Cessation of employment Fringe benefits tax calculating the value for novated leasing Odometer readings GST Appendix 1 Frequently Asked Questions Version February

4 1. Definitions ATO Australian Taxation Office Benefit item items available for salary packaging by the employee which have been approved by the CBRC Business day between 9am and 5pm on a weekday other than a Saturday, Sunday or public holiday CBRC Cabinet Budget Review Committee Employee the person employed by the employer Employer Queensland Government agencies, Queensland Government bodies, including statutory authorities and government-owned organisations and entities, as defined by the Financial Accountability Act 2009 and the Government Owned Corporations Act 1993 FBT fringe benefits tax, has the same meaning as defined under FBT legislation FBT legislation Fringe Benefits Tax Assessment Act 1986 and any related tax imposition Act; includes any legislation which is enacted to validate, recapture or recoup the tax imposed by any such Acts FBT concessional employer an employer with employees eligible for the FBT exemption cap FBT exemption cap a capped FBT exemption which allows for concessional FBT treatment under the respective provisions of the Fringe Benefits Tax Assessment Act 1986 and includes those FBT exemption caps for public hospitals (currently $17,000 grossed-up), ambulance services (currently $17,000 grossed-up), and Legal Aid Queensland (currently $30,000 grossed-up) GST a goods and services tax imposed by or through the GST legislation GST legislation A New Tax System (Goods and Services Tax) Act 1999 and any related tax imposition Act (whether imposing tax as a duty of customs excise or otherwise) and includes any legislation which is enacted to validate, recapture or recoup the tax imposed by any such Acts Novated lease the lease of a vehicle between the employer, employee and the finance company Version February

5 Payment the payment of an expense incurred by the employee in respect of salary packaged benefit item/s in an employee s salary packaging agreement Payroll office the employer s area within or external to their organisation which is responsible for payroll functions/systems Pre-tax income the salary received by the employee prior to income tax being deducted Principal the State of Queensland (acting through the Department of Housing and Public Works Queensland Government Chief Procurement Office QGCPO). Reimbursement the repayment of an expense incurred by the employee in respect of salary packaged benefit item/s in an employee s salary packaging agreement Salary packaged amount the amount of salary specified by the employee and advised to the salary packaging bureau service provider for the duration/term of their salary packaging Salary packaging an agreement between the employee and the employer which allows an employee s salary to be taken as benefits before tax (payments made by the employer on behalf of the employee for benefits in lieu of salary), according to Australian Taxation Office guidelines expressed in Taxation Ruling TR 2001/10 Salary packaging account the account where salary packaged amounts are held for the processing of salary packaging reimbursements and/or payments Salary packaging administration fee the fees the salary packaging bureau service provider receives according to standing offer arrangement QGCPO250/10 from the employer on behalf of the employee for administering the salary packaging arrangement Salary packaging bureau service provider the person, business, corporation or other entity which enters into the standing offer arrangement QGCPO250/10 with the Queensland Government to be a provider of salary packaging services for the employer, also referred to in this guide as salary packaging provider Standing offer arrangement QGCPO250/10 the entire salary packaging arrangement between the Principal and the salary packaging bureau service provider Version February

6 2. About standing offer arrangement QGCPO 250/10 for salary packaging The Queensland Government Chief Procurement Office (QGCPO) has established standing offer arrangement QGCPO250/10 for the provision of salary packaging services. This arrangement started on 1 April 2011 and is due to expire on 31 March The arrangement has a further extension option of up to two years. The salary packaging bureau service providers listed under standing offer arrangement QGCPO250/10 are: Remuneration Services (Qld) Pty Ltd (RemServ) Smartsalary Pty Limited. Under standing offer arrangement QGCPO250/10, Queensland Health has reserved the right to choose either one or two of the salary packaging providers at any time during the term of the arrangement. As such, Queensland Health has elected to use one provider, being: Remuneration Services (Qld) Pty Ltd (RemServ) Phone: Facsmile: Website: More information about standing offer arrangement QGCPO250/10 is available at the Queensland Contracts Directory (QCD) 3. Salary packaging a motor vehicle 3.1 Novated lease agreement Under a novated lease agreement, your private use vehicle becomes a benefit through the payment of the lease and operating costs from pre-tax or a combination of pre-tax and post-tax dollars (known as employee contribution method or ECM). Your vehicle is acquired by the finance company and leased back to you for a contracted period of time, in return for fixed monthly payments and an agreed residual value. You, your employer, and the financier will sign the Queensland Government approved deed of novation. This deed transfers the rights and obligations of the lease to your employer who provides a car fringe benefit to you. The deed also transfers the payments from you, via your salary packaging agreement, through to the salary packaging bureau service provider to the finance company. This payment mechanism operates throughout the term of your employment, or to the end of the lease. If you leave employment with the Queensland Government, your novated lease agreement with your employer will immediately cease to operate and you will become personally liable for ongoing lease payments to the finance company. Version February

7 3.2 What it costs Details of salary packaging administration fees under standing offer arrangement QGCPO250/10 are available under pricing documents on the salary packaging arrangement page on the Queensland Contracts Directory 4. Things to know You have a choice of vehicle (within your employer s guidelines). Please note the Queensland Government encourages employees to consider environmental factors when choosing their vehicle. You may choose a vehicle that is defined as a car under the FBT legislation, including a vehicle identified as a light commercial. A light commercial vehicle can include utilities, dual cabs and vans with a carrying capacity of less than one tonne. The Queensland Government will not approve any FBT exemption that may be available under the FBT legislation on light commercial vehicles and which is packaged under a novated lease arrangement. The Queensland Government will also not approve a novated lease arrangement for any vehicle with a load carrying capacity of one tonne or more, or a passenger carrying capacity greater than nine people, as these vehicles are not considered cars and do not qualify for consideration as a car fringe benefit. Further, novated leases will not be permitted for motorcycles. For these classes of vehicles, FBT is calculated under a different methodology and will significantly add to the costs. You have a choice of lease type (finance only or fully maintained) and can salary package a new or used vehicle (there may be an age restriction applicable to used vehicles). In some circumstances, you may be able to salary package more than one vehicle. In some instances, you may have access to discounted pricing on: vehicle parts and accessories (such as tyres and windscreens) the retail price of the vehicle. When salary packaging a motor vehicle through a novated lease, you must also salary package and use a fuel card. 5. Getting started 5.1 Financial advisors Financial advice is strongly recommended for employees who are considering salary packaging a motor vehicle through a novated lease. Version February

8 The salary packaging bureau service providers maintain a list of registered financial advisors and the list is available on their websites. A link to the salary packaging provider s website is available via the Queensland Contracts Directory. It is not mandatory for employees to use a financial advisor from the list of registered advisors and you can choose your own advisor. The Queensland Government s salary packaging providers can offer employees two novated leasing types as detailed in sections 5.2 and Finance only option If you choose this lease type, your salary packaging provider will make distributions and/or transfers in respect of lease repayments and fuel card payments only (if you do not use your fuel card you can claim reimbursement for fuel purchases as detailed in section 9.4). All other motor vehicle expenses, such as privately purchased fuel (other than fuel card), auto club membership, registration, insurance and vehicle servicing will be made via: direct payment by your salary packaging provider (the salary packaging provider will make your motor vehicle cost payments) reimbursement to you (you will make your motor vehicle cost payments and claim reimbursement for these costs from the salary packaging provider). Reimbursement of motor vehicle costs from your salary packaging provider will be via electronic funds transfer (EFT). You will be required to pay for your motor vehicle cost and then claim reimbursement of these costs from your salary packaging provider via electronic funds transfer (EFT). 5.3 Fully maintained option If you choose this lease type, your fully maintained leasing provider will make: your lease payments on the specified date each month to the finance company your fuel payments to the fuel provider by EFT or cheque (if you do not use your fuel card you can claim reimbursement for fuel purchases as detailed in section 9.4) your auto club membership payments to the service provider your motor vehicle registration fees to the Department of Transport and Main Roads (if you do not want your salary packaging provider to pay the Department of Transport and Main Roads, you can claim reimbursement for your vehicle registration fees) your vehicle insurance payments to the insurance provider (if you do not want your salary packaging provider to pay the insurance provider, you can claim reimbursement for your insurance expenses) payments for the servicing and maintenance of your vehicle to the service provider (if you do not want your salary packaging provider to pay the service provider, you can claim reimbursement for the servicing and maintenance of your vehicle). Version February

9 An additional monthly management fee will apply for fully maintained leases. Details of applicable monthly management fees are available under pricing documents on the salary packaging arrangement page on the Queensland Contracts Directory 6. Novated leasing financiers 6.1 Finance only option The salary packaging bureau service provider maintains a panel of financiers for the provision of finance for novated leasing vehicles, as detailed below. Salary packaging bureau service provider Financiers Remuneration Services (Qld) Pty Ltd (RemServ) St George Finance Pty Ltd Toyota Financial Services Novated leasing financiers must use the Queensland Government approved deed of novation. 6.2 Fully maintained option The fully maintained leasing providers, as detailed below, will organise your vehicle finance. Salary packaging bureau service provider Fully maintained lease provider Financiers Remuneration Services (Qld) Pty Ltd (RemServ) Maxxia MyCar SG Fleet Toyota Financial Services Macquarie Leasing Commonwealth Bank of Australia Toyota Financial Services 6.3 Novated leasing financiers It is strongly recommended you use the salary packaging provider s panel of financiers as they have a working relationship with the salary packaging providers to ensure all processes run smoothly. All Novated leasing financiers must use the Queensland Government Standard Deed of Novation (DON) with the exception of Toyota Financial Services. Toyota Financial Services must use the Queensland Government Toyota Finance Standard Deed of Novation. Version February

10 If you decide to use a financier not included on your salary packaging provider s panel, then: this financier must utilise the Queensland Government Standard Deed of Novation (DON) your salary packaging provider will be unable to assist you, should any issues/problems be encountered with that financier you may be required to make up-front lease payments before salary packaging commences you may find the two month deferred option is not available (refer to section 17). The Queensland Government approved deed of novation can be downloaded from the Queensland Contracts Directory or from your salary packaging provider s website: 7. Novated leasing calculations The calculations for your novated lease will include amounts from either your: pre-tax salary to pay the applicable FBT post-tax salary to adjust the taxable value of the vehicle value for FBT purposes. If you are salary packaging your novated lease with post-tax contributions, you will need to allow one eleventh of the post-tax amount to be paid as GST, as the post-tax contribution is a taxable supply. Refer to section 24 on calculating the values for novated leasing and more information on FBT and GST. 8. Novated leasing running costs 8.1 Finance only leases Under a finance only lease, you and your salary packaging bureau service provider will arrange a budget which must include vehicle finance and fuel payments. It is your decision as to what other running costs you wish to include in the budget (e.g. registration, insurances, maintenance/servicing, spare parts etc.). 8.2 Fully maintained leases Under a fully maintained lease, all running costs are included with your lease agreement. 9. Fuel cards 9.1 Salary packaging fuel cards Version February

11 You must salary package fuel when salary packaging a vehicle through a novated lease. This is done through the use of fuel cards so the kilometres travelled by you can be monitored throughout the year. If required, you may request the provision of more than one fuel card when salary packaging a motor vehicle through a novated lease. The fuel cards will be provided by more than one provider but will only be used for the nominated vehicle. It is a requirement of the fuel card that an accurate odometer reading is provided at the time fuel is purchased. If this requirement is not fulfilled, this may result in an increased tax liability at the end of the FBT year. Fuel cards can only be used for the purchase of fuel for the vehicle under novated lease. Any fuel purchased with the fuel card that is not for the nominated vehicle may result in the novated lease being terminated by the employer. The salary packaging bureau service provider has agreements with fuel providers for the supply of fuel cards, as detailed below. Salary packaging bureau service provider Remuneration Services (Qld) Pty Ltd (RemServ) Fuel Cards BP Fuel Card Caltex Fuel Card 9.2 Fuel card transaction charges Charges apply for fuel card purchases and may vary without notice. Details of fuel card transaction fees are available at the salary packaging arrangement page on the Queensland Contracts Directory 9.3 Fuel card discounts/other benefits Discounts or other benefits may also be available with the fuel card. Details of discounts and other benefits are available at the salary packaging arrangement page on the Queensland Contracts Directory 9.4 Fuel card reimbursements In situations where you are unable to use the fuel card (e.g. before issuing or in a remote area) you should keep your tax invoices from your fuel purchases and submit these to the salary packaging provider for reimbursement. Fuel card reimbursements are limited to a maximum claim limit of four per FBT year with the exception for employees in remote areas or in areas where a BP or Caltex do not have presence. Note: A claim is defined as a single lodgement, not a single receipt. A single lodgement can include numerous fuel receipts. Version February

12 Claims for reimbursements in excess of the maximum claim limit will incur an additional fee on each occasion a claim is made. Details of applicable fees are available at the salary packaging arrangement page on the Queensland Contracts Directory It is recommended you monitor your fuel use to ensure you remain within your budgeted amounts. In the event you exceed your budgeted amount, you will need to amend your payroll deductions with your salary packaging provider to ensure enough funds are available for the payment of fuel purchases. Your salary packaging provider will not make a payment on your behalf if there are insufficient funds available. 10. Vehicle insurances You must provide your salary packaging bureau service provider with documentation to prove the vehicle is comprehensively insured Finance only lease Under a finance only lease, you can either choose to: have your salary packaging provider pay insurance premiums directly to the insurance provider pay the insurance premiums yourself and claim reimbursement from your salary packaging provider Fully maintained leases Under a fully maintained lease, you can either choose to: have your fully maintained lease provider pay insurance premiums directly to the insurance provider pay the insurance premiums yourself and claim reimbursement from your fully maintained lease provider. Your salary packaging provider may be able to offer a number of various discounted insurance premiums. It is strongly recommended employees investigate and determine the relevant insurance cover/s required. 11. Vehicle registration You must provide your salary packaging bureau service provider with documentation to prove the vehicle is registered. Version February

13 11.1 Finance only lease Under a finance only lease, you can either choose to: have your salary packaging provider pay registration directly to the Department of Transport and Main Roads pay the registration yourself and claim reimbursement from your salary packaging provider Fully maintained leases Under a fully maintained lease you can either choose to: have your fully maintained lease provider pay registration fees directly to the Department of Transport and Main Roads pay the registration fees yourself and claim reimbursement from your fully maintained lease provider. 12. Vehicle maintenance/servicing including spare parts 12.1 Finance only lease Under a finance only lease, you do not need to obtain any approvals from your salary packaging bureau service provider for vehicle maintenance/servicing or spare parts. Under a finance only lease you can either choose to: have your salary packaging provider pay for the maintenance/servicing fees and spare parts directly to the provider pay the maintenance/servicing fees and spare parts yourself and claim reimbursement from your salary packaging provider Fully maintained leases Under a fully maintained lease, generally your vehicle maintenance/servicing and spare parts will be approved, supplied and arranged through the fully maintained lease provider. You may be able to arrange the maintenance/servicing of your vehicle and the supply of spare parts, provided you obtain approval from your fully maintained lease provider and it does not void any manufacturer s warranties/guarantees. You can either choose to: have your fully maintained lease provider pay for the maintenance/servicing fees and spare parts directly to the provider pay the maintenance/servicing fees and spare parts yourself and claim reimbursement from your fully maintained lease provider. Version February

14 13. Vehicle accessories Vehicle accessories should be added to the vehicle at time of purchase and included in the total initial cost of the vehicle. Vehicle accessories include: window tinting tow bars seat and wheel covers car mats bull bars bluetooth fittings satellite navigation/gps roof racks headlight protectors spot lights radios, CD/DVD players. If you include accessories after the commencement of the vehicle lease, the cost of these accessories must be included in the cost of the vehicle, which could alter the tax effectiveness of the lease. Version February

15 14. Novated leasing application process 14.1 Novated leasing application process through a financial adviser Step Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Step 8 Description Contact your financial adviser for details on salary packaging a motor vehicle through a novated lease under standing offer arrangement QGCPO 250/10. This can include information on both novated leasing options (finance only and fully maintained leases). Your financial adviser will confirm your requirements and provide the relevant quote/s for your acceptance. If a quote is accepted, then your financial adviser will process the finance application. If the finance application is approved, then your financial adviser will be responsible for processing the required novated leasing documentation. This includes the submission of documentation to your salary packaging bureau service provider. Once all documentation has been submitted by your financial adviser to your salary packaging provider, your salary packaging provider will ensure all novated leasing documentation has been signed and completed for settlement of the lease. Your novated lease will be settled. Your salary package will be established. Your vehicle will be delivered. Version February

16 14.2 Novated leasing application process for a finance only novated lease Step Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Step 8 Description Contact your salary packaging bureau service provider for details on salary packaging a motor vehicle through a novated lease under standing offer arrangement QGCPO 250/10. Your salary packaging provider will confirm your requirements and provide the relevant quote/s for your acceptance. If a quote is accepted, then your salary packaging bureau service provider will process the finance application. If the finance application is approved, then your salary packaging provider will process and complete all required novated leasing documentation (e.g. signing of deed of novation and lease agreement). Your salary packaging provider will ensure all novated leasing documentation have been signed and completed for settlement of the lease. Your novated lease will be settled. Your salary package will be established. Your vehicle will be delivered. Version February

17 14.3 Novated leasing application process for a fully maintained lease Step Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Step 8 Description Contact your salary packaging bureau service provider for details on salary packaging a motor vehicle through a novated lease under standing offer arrangement QGCPO250/10. Your fully maintained lease provider (e.g. Maxxia MyCar, SG Fleet and Toyota Financial Services) will confirm your requirements and provide the relevant quote/s for your acceptance. If a quote is accepted, then your fully maintained lease provider will process the finance application. If the finance application is approved, then your fully maintained lease provider will be responsible for the processing and completion of all required novated leasing documentation. This includes the submission of documentation to your salary packaging provider. Once all documentation has been submitted by your fully maintained lease provider to your salary packaging provider, your salary packaging provider will ensure all novated leasing documentation has been signed and completed for settlement of the lease. Your novated lease will be settled. Your salary package will be established. Your vehicle will be delivered Delivery of Vehicle You cannot take delivery of your vehicle until all signatures for the Queensland Government approved deed of novation have been signed and your novated leasing application has been processed 15. Salary packaging arrangements Your salary packaging bureau service provider will check all figures and associated documentation to ensure that your lease complies with standing offer arrangement QGCPO250/10 requirements. Version February

18 If your salary packaging provider discovers that your application has not been completed correctly, they will contact either your financial adviser, you or your fully maintained leasing provider. 16. Payroll deductions Payroll deductions will begin once all processing for the pay deduction arrangements have been completed and reported by your salary packaging bureau service provider to your payroll office (on the next scheduled payroll office report). In some instances your payroll deduction will start before delivery of your vehicle. If deductions from your salary have not commenced prior to, or closely following, delivery of your vehicle, please contact your salary packaging provider immediately. This is important for FBT purposes, as where an after-tax payment arrangement is in place, it is vital that the correct amount is received in the course of the FBT year to avoid paying FBT. You also need to ensure that you do not fall behind in your lease payments. 17. First lease payment All financiers and fully maintained lease providers under standing offer arrangement QGCPO250/10 offer a deferral of payment for two months after the car is delivered to permit sufficient salary packaging funds to accumulate. 18. Reimbursement/payment If you require reimbursement or payment of an expense incurred on the vehicle, you must complete the relevant payment/reimbursement claim form, including the provision of required substantiation to support your claim. The relevant payment/reimbursement claim forms are available for download from your salary packaging provider s website: You can claim any items for which you have budgeted as part of your salary packaging. Payments and/or reimbursements will be made once it is established that you have sufficient funds available to cover your next lease and fuel card payments. Note: Lease and fuel payments will take precedence over all other payment and/or reimbursement claims. You may need to allow additional time for funds to accumulate before some items can be packaged (e.g. you may not be able to claim for your first registration and insurance payments immediately, as sufficient funds may not have accumulated in your salary packaging account at the time these costs are incurred). Version February

19 Please note the following expenses cannot be claimed: Stamp Duty personal number plates parking toll fees fines drivers license vehicle deposit. 19. Novated leasing amendments When requesting an amendment to your novated leasing agreement, a Salary packaging amendment form must be completed and submitted to your salary packaging bureau service provider. You should regularly review your novated lease required kilometres and budget estimates to ensure your estimates are correct. If you are not reaching the required kilometres or if your budget estimates are too conservative to cover expected expenses, you can review your salary packaging amounts and make the relevant amendments to your salary package, including new calculations (if required). The Salary packaging amendment form can be accessed via your salary packaging provider s website: 20. Novated leasing cessations 20.1 Novated lease is ceasing and you wish to re-lease another vehicle You should contact your salary packaging bureau service provider, financial adviser or fully maintained leasing provider to discuss the options available to you Novated lease is ceasing and you do not wish to re-lease another vehicle You should: advise the financier and confirm the date of the final lease payment discuss with the financier the options available for keeping or disposing of the vehicle and your preferred arrangement for lease end advise your salary packaging provider, financial adviser or fully maintained lease provider that your novated lease is ceasing and you do not wish to re-lease another vehicle Version February

20 complete and submit the Novated lease cessation form to your salary packaging provider so they can advise your employer and make the appropriate adjustments to your salary package provide a closing odometer reading as at the lease end date on the Novated lease cessation form. If no closing odometer reading is provided, your employer will use the last reading provided in making tax calculations required under FBT legislation. This may result in an increased tax obligation that you must bear. For finance only leases, your salary packaging provider will cancel your fuel card and for fully maintained leases, your fully maintained lease provider will cancel your fuel card. Any surplus funds will be retained for up to 60 days to enable payment of all outstanding transactions. All outstanding amounts in relation to any applicable FBT will also be deducted. Any excess funds remaining in your salary packaging account on cessation of your novated lease cannot be taken as a cash payment. These funds can be: used for other benefit item payments/reimbursements transferred to your QSuper account (if salary packaging superannuation) returned to your payroll office to be paid as salary and taxed accordingly Novated lease ceasing during the lease period You should: advise the financier you will be taking over the lease payments and make the relevant arrangements on the best way to do this advise your salary packaging provider, financial adviser or fully maintained lease provider that your novated lease is ceasing complete and submit the Novated lease cessation form to your salary packaging provider so they can advise your employer and make the appropriate adjustments to your salary package provide a closing odometer reading as at the lease end date on the Novated lease cessation form. If no closing odometer reading is provided, your employer will use the last reading provided in making tax calculations required under FBT legislation. This may result in an increased tax obligation that you must bear. For finance only leases, your salary packaging provider will cancel your fuel card and for fully maintained leases, your fully maintained lease provider will cancel your fuel card. Any surplus funds will be retained for up to 60 days to enable payment of all outstanding transactions. All outstanding amounts in relation to any applicable FBT will also be deducted. Any excess funds remaining in your salary packaging account on cessation of your novated lease cannot be taken as a cash payment, these funds can be either: used for other benefit item payments/reimbursements transferred to your QSuper account (if salary packaging superannuation) Version February

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