Jan 8 2015
Odometer Readings for Novated Leases
If you are salary packaging a novated lease, it is essential that you provide us with up to date odometer readings. This is to assist us to identify if you are not on track and advise you of the travel that is required to minimise any impact of Fringe Benefits Tax.
Any FBT due on your novated lease is finalised on the 31st March with your closing odometer reading. If you have not achieved your nominated statutory bracket a liability may be due, please refer to the table below to see the required travel for each Statutory %.
Lodging your reading is quick and easy via our smartphone apps or your vehicle dashboard by logging into My Statements at www.remunerator.com.au
ATO Changes to Statutory Rates for Motor Vehicles
As a result of the Federal Governments Henry Tax Review announcement in 2011, the 2014-15 FBT year has seen the end to statutory brackets that applied to distances travelled.
This means that all novated leases entered into after the 10th May 2011 will be charged FBT at the Statutory Rate of 20% regardless of distances travelled from 1 April 2014 however, we still encourage you to provide us with regular odometer readings to assist us in effectively managing your novated lease and for reporting purposes to your Employer.