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LEASEPLAN NOVATED LEASES
AGENDA
What is a novated lease
Why Novate?
Why Novate with LeasePlan?
Products and Services
Fringe Benefits Tax (FBT)
LeasePlan Online
Motor Vehicle Reports
SalaryPlan
Customer Service and Support
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WHAT IS A NOVATED VEHICLE LEASE?
A three way agreement – LeasePlan, Employee and Employer Employee packages the finance and running costs Employer agrees to salary deduction and pay LeasePlan LeasePlan provides vehicle finance and fleet management
services
WHY NOVATE?
Reduce taxable income GST free vehicle purchase and vehicle running costs Your choice of vehicle (new or used* or existing*) Lease one or more vehicles** The potential to build equity for tax free profit Convenience – set and forget fortnightly budget
* Used vehicles can be financed - age cannot exceed 4 years or 100,000km at start of lease and 7 years 200,000km at end of lease
**Subject to employer requirements
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WHY NOVATE WITH LEASEPLAN?
Customer service – support at every stepExperts to help you Novated Lease consultants will call you to provide assistance Account Manager on-site fortnighly meetings with UNSW employees
Volume buying discounts
LeasePlan Online – real time quotes
Monthly Motor Vehicle Reports (MVR)
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WHY NOVATE WITH LEASEPLAN?
Professional maintenance control
Residual value flexibility (novated finance lease)
No Hidden Costs: No establishment fees No start-up document fees No upselling of unnecessary items e.g. warranties, tinting
Fully Open and total disclosure of every element of the novated lease monthly payment: residual value interest rate
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PRODUCTS & SERVICES
Choice of Novated Finance Lease ProductCarPlan Standard or Redundancy Protection Feature
Vehicle finance – competitive interest rates
Running Costs Included Fuel (Caltex fuel card supplied) Maintenance/Servicing Registration and renewals Replacement Tyres LeasePlan Total Cover comprehensive insurance Roadside Assistance (if applicable)
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FRINGE BENEFITS TAX (FBT)
Fringe Benefits Tax (FBT) is applied to vehicles that are packaged
From 1 April 2014, all leases subject to a flat 20% FBT rate regardless of distance travelled
Eliminate FBT using the Employee Contribution Method (ECM) post tax payment
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EMPLOYEE CONTRIBUTION METHOD (ECM)
A post-tax contribution is made towards the running cost of your novated lease to eliminate the FBT liability
Makes novated leasing more attractive
Increases the salary packaging advantage and improves the tax-effectiveness
LeasePlan Online quoting tools will calculate the ECM showing the impact on your disposable income
The package cost needs to be split into two parts in the payroll: Pre-tax component: becomes the tax free cost of the vehicle Post tax component: eliminates/reduces the FBT Liability
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LEASEPLAN ONLINE
www.leaseplan.com.au UNSW customer code: 1000040154 Employee Driver Registration Create and compare multiple quotes Complete credit application and vehicle order Feel free to contact LeasePlan at any time: 1300 668 572
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LEASEPLAN ONLINE – SALARY ANALYSIS
Novated lease quotation – salary package analysis Indicates tax effectiveness of novated lease ECM (pre-tax & post tax payments) vs 100% pre-tax
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MOTOR VEHICLE REPORTS (MVR)
Issued monthly Budgeted costs versus actual expenses Opportunity to adjust if required MVR history available at LeasePlan Online
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SALARYPLAN’S ROLE
SalaryPlan is your salary packaging administrator
They will manage your salary deductions for your LeasePlan novated lease
SalaryPlan are their to support you with any queries you have in regards to the deductions and FBT on your novated lease.
SalaryPlan has a dedicated team of specialists locally, available to assist employees with any queries relating to salary packaging of their novated lease:
Phone: 1300 790 140 Email: [email protected]
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CUSTOMER SERVICE & SUPPORT
www.leaseplan.com.auLeasePlan Online customer code: 1000040154Novated Driver section (supplier finders)Access news, tips, FAQ’s to make the most of your novated lease
User Guides and CarPolicy (access via UNSW website: http://www.facilities.unsw.edu.au/staff-contractors/motor-vehicles
Novated Leasing Consultants: Phone: 1300 668 572 Email: [email protected] Visit www.leaseplan.com.au/novate-driver
Periodical newsletters / Monthly Motor Vehicle Reports
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DISCLAIMER
This presentation should be considered guidance only.
As personal circumstances vary LeasePlan recommend
you seek your own independent financial / taxation advice regarding novated leasing.
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