Remunerator News

Jan 21 2016

Odometer Readings Required

Do you have employees who salary package a Novated Lease?

Did they enter into their Novated Lease before 10 May 2011?

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

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

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

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

Lodging their 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