Novated
Leases
There are
special concessions for 'not-for-profit' organisations that you can
provide
your staff with tax effective Novated Leases. A novated lease is a
three
way agreement between the employee, employer and a finance company. It
enables employees of not-for-profit organisations to be provided with a
vehicle of their own choice while still enjoying all the benefits of an
employees provided vehicle. For more information cut and paste and
email
the info from the bottom of this page.
WHO
IS IS IT AVAILABLE TO?
The
following types of organisations receive concessional FBT treatment
ranging
from grossed-up FBT-free benefits of up to $17,000 or $30,000 per
employee
per year to full exemptions for others.
public
benevolent institutions
public
and not-for-profit hospitals
religious
institutions (for some employees), and
non-profit
organisations (for some employees)
In
addition most non-government organisations that are income tax exempt
will
qualify for a rebate of 48% of the gross FBT payable.
TYPES
OF NOVATED PACKAGES
Novated
Finance Lease
Lease
the vehicle (pre-tax) over a period of 1-5 years.
Maintained
Novated Finance Lease
Lease
the vehicle (pre-tax) over a period of 1-5 years including maintenance,
registration renewal, comprehensive insurance and fuel. All packaged in
one easy monthly payment.
Please
check with the ATO to confirm your organisation's FBT status and
seek
independent financial advice about the benefits of novated
leasing.
Rob
Lamont
