Novated Leasing and Salary Packaging User Guide

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1300 790 160 [email protected]

SalaryPlan – Novated lease benefit form

Instructions

This form must be completed and signed to commence your LeasePlan novated leasing benefit. Payroll deductions for this benefit will be aligned to your lease commencement date and will allow for funds to be collected and paid in accordance with your lease payment due dates.

At the end of each Fringe Benefit Tax (FBT) year (31 March) you will be required to provide your final odometer reading and other details to enable accurate FBT calculations.

If you do not supply these details the FBT liability may be calculated at the highest FBT rate.

Employee Details

Title: First Name:

Employer Name:

Employee Certification and Authorisation

Surname:

Employee’s Payroll No.:

I acknowledge that the FBT calculated with my vehicle benefit is based on my expected annual kilometres travelled, and needs to be supported by my odometer reading as at 31 March each year the vehicle is part of my packaging benefit, as well as lease end or when the benefit ceases.

I also acknowledge if my actual kilometres travelled does not achieve the required threshold I may be required to pay additional fringe benefits tax as part of my packaging benefit.

I also agree that LeasePlan’s administration fees can be deducted from my payroll with this benefit and remitted to

LeasePlan.

Vehicle Benefit Details

LeasePlan Quote Number: Lease Term No Months:

Note: FBT liability will be calculated using the statutory formula method unless a valid log book has been kept for at least 12 consecutive weeks.

If you do not meet your required kilometres per annum for FBT, you may incur further FBT liability.

This is to be collected through subsequent pay cycles as per below:

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•

•

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$0 to $1000 within one month

$1000 to $2000 within two months

$2000 to $3500 within three months

$3500+, by negotiation but not to exceed 3 months

Approval

Employee:

Print Name

SIGNATURE

Signature

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Date

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