Remunerator News

Feb 25 2015

Novated Lease Odometer Campaign

Can you help?

As you know we have been engaged with your employees since the end of last year to ensure we hold current and correct odometer readings for Customers salary packaging a novated lease.

As the end of the FBT year draws closer, we may seek your assistance to follow up with employees who entered into a novated lease prior to the 10th May 2011 and are still on the old statutory rates as they may be at risk of incurring an FBT liability.

In the event that we are unable to obtain a closing 31st March 2015 odometer reading, the last known reading held in our system will be used for all customers regardless of whether they are on the old or new statutory rates.

With the timing of Easter this year and the requirement to issue Client FBT Reports, we will be enforcing a hard cut off to enter odometer readings on Wednesday the 1st April 2015. Any late odometer readings submissions will need to be approved by you to minimise any disruption to reporting processes.

You may support this activity by contacting your Employees directly, adding reminders to your intranet and payslips or simply by letting us know if someone is on leave or un-contactable for any reason.