Remunerator News

Jan 22 2016

Is Your Odometer Reading Up To Date?

Are you salary packaging a Novated Lease?

Did you enter into your Novated Lease before 10 May 2011?

If you answered YES to the above questions, it is essential that you provide us with an up to date odometer reading.

Any FBT due on your Novated Lease is finalised on the 31st of March, with your closing Odometer Reading. So in order for us to identify if you are on track, an interim reading is now required. This will allow us to advise you of the travel that is required to minimise any impact of Fringe Benefits Tax.

Please note that you will receive an email with all the relevant information if our records indicate that you entered into your Novated Lease before 10 May 2011 and you have not unsubscribed from our updates.

If you entered into your Novated Lease after 10 May 2011,you are not required to lodge your Odometer Reading as you will be charged FBT at the Statutory Rate of 20% regardless of the kilometres travelled from 1 April 2015. However, we do encourage you to lodge regular Odometer Readings throughout the FBT year, as this helps us also ensure that your Novated Lease budget for running expenses such as fuel and maintenance is kept on track.

Lodging your Odometer Reading is a very quick and easy process and can be completed via our smartphone apps or by logging into My Statements at www.remunerator.com.au