Feb 23 2016
Odometer Readings Required Now
The FBT year end is approaching and in order to ensure that employees have their i’s dotted and their t’s crossed, they need to take action now!
For those with a Novated Lease, it’s important that they update their Odometer Reading now, especially if they entered into a Novated Lease prior to 10 May 2011. As all FBT due on their Novated Lease is finalised on the 31st of March, their Odometer Reading as at this date will determine any FBT liability they may have incurred. Our advice is for employees to ACT NOW!
If they entered into aNovated Lease from 10 May 2011 onwards, FBT is subject to a flat Statutory Rate of 20%. Whilst their Odometer Reading is not essential, notifying us will assist in ensuring that their budget for running expenses is on track.
Updating an Odometer Reading is simple.
Employees can log into their My Statements via our website on www.remunerator.com.au or alternatively they can update their Odometer Reading via our smartphone app.