Novated Lease
0 – 14,999kms per year
Assumptions:
- Gross Annual Salary: $60,000
- Vehicle Base Value: $30,000 (excluding on-road costs)
- Lease Term: 3 years
- Annual Vehicle Lease & Operating Costs: $13,000
- Travelling between 0 – 14,999kms per FBT Year (statutory percentage of 20%)
|
Not Salary Packaging
|
Salary Packaging (with FBT)
|
Salary Packaging (with RCM)
|
Gross Salary
|
$60,000
|
$60,000
|
$60,000
|
Less
|
|
|
|
Vehicle Lease & Running Costs
|
$0
|
$13,000
|
$7,000
|
Fringe Benefits Tax
|
$0
|
$5,671
|
$0
|
GST payable on RCM
|
$0
|
$0
|
$545
|
Plus
|
|
|
|
Input Tax Credits
|
$0
|
$1,182
|
$1,182
|
Gross Salary after Packaging
|
$60,000
|
$42,421
|
$53,637
|
Less
|
|
|
|
PAYG and Medicare Levy
|
$11,947
|
$5,970
|
$9,783
|
Net Salary
|
$48,053
|
$36,451
|
$43,854
|
Less After Tax Costs
|
|
|
|
Unpackaged Vehicle - Lease & Running Costs
|
$13,000
|
$0
|
$0
|
Recipient Contribution
|
$0
|
$0
|
$6,000
|
Net Disposable Income
|
$35,053
|
$36,451
|
$37,854
|
Net Annual Savings
|
$0
|
$1,398
|
$2,801
|
Term of Lease Saving
|
$0
|
$4,194
|
$8,403
|
Travelling 0 - 14,999 kms
|
From 1 April 2012
|
From 1 April 2013
|
From 1 April 2014
|
Estimated Annual Running Costs
|
$13,000
|
$13,000
|
$13,000
|
Statutory Percentage
|
20%
|
20%
|
20%
|
Net Annual Savings
|
$2,801
|
$2,801
|
$2,801
|
Where a novated lease vehicle travels between 1 to 14,999 kilometres in an FBT Year,
the distance travelled will not affect the FBT liability incurred by the vehicle
(or recipient contributions required if under RCM). This is because the same statutory
percentage (20%) applies to the vehicle, and therefore the vehicle has the same
taxable value when travelling in this kilometre range.
Novated Lease
15,000 – 24,999kms per year
Assumptions:
- Gross Annual Salary: $60,000
- Vehicle Base Value: $30,000 (excluding on-road costs)
- Lease Term: 3 years
- Annual Vehicle Lease & Operating Costs: $15,000
- Travelling between 15,000 – 24,999kms per FBT Year (statutory percentage of 20%)
|
Not Salary Packaging
|
Salary Packaging (with FBT)
|
Salary Packaging (with RCM)
|
Gross Salary
|
$60,000
|
$60,000
|
$60,000
|
Less
|
|
|
|
Vehicle Lease & Running Costs
|
$0
|
$15,000
|
$9,000
|
Fringe Benefits Tax
|
$0
|
$5,671
|
$0
|
GST payable on RCM
|
$0
|
$0
|
$545
|
Plus
|
|
|
|
Input Tax Credits
|
$0
|
$1,364
|
$1,364
|
Gross Salary after Packaging
|
$60,000
|
$40,603
|
$51,819
|
Less
|
|
|
|
PAYG and Medicare Levy
|
$11,947
|
$5,352
|
$9,165
|
Net Salary
|
$48,053
|
$35,251
|
$42,654
|
Less After Tax Costs
|
|
|
|
Unpackaged Vehicle - Lease & Running Costs
|
$15,000
|
$0
|
$0
|
Recipient Contribution
|
$0
|
$0
|
$6,000
|
Net Disposable Income
|
$33,053
|
$35,251
|
$36,654
|
Net Annual Savings
|
$0
|
$2,198
|
$3,601
|
Term of Lease Saving
|
$0
|
$6,594
|
$10,803
|
Travelling 15,000 - 24,999 kms
|
From 1 April 2012
|
From 1 April 2013
|
From 1 April 2014
|
Estimated Annual Running Costs
|
$15,000
|
$15,000
|
$15,000
|
Statutory Percentage
|
20%
|
20%
|
20%
|
Net Annual Savings
|
$3,601
|
$3,601
|
$3,601
|
Where a novated lease vehicle travels between 15,000 to 24,999 kilometres in an FBT Year,
the distance travelled will not affect the FBT liability incurred by the vehicle
(or recipient contributions required if under RCM). This is because the same statutory
percentage (20%) applies to the vehicle, and therefore the vehicle has the same
taxable value when travelling in this kilometre range.
Novated Lease
25,000 – 40,000kms per year
Assumptions:
- Gross Annual Salary: $60,000
- Vehicle Base Value: $30,000 (excluding on-road costs)
- Lease Term: 3 years
- Annual Vehicle Lease & Operating Costs: $17,000
- Travelling between 25,000 – 40,000kms per FBT Year (statutory percentage varies – see table below)
|
Not Salary Packaging
|
Salary Packaging (with FBT)
|
Salary Packaging (with RCM)
|
Gross Salary
|
$60,000
|
$60,000
|
$60,000
|
Less
|
|
|
|
Vehicle Lease & Running Costs
|
$0
|
$17,000
|
$11,900
|
Fringe Benefits Tax
|
$0
|
$4,896
|
$0
|
GST payable on RCM
|
$0
|
$0
|
$464
|
Plus
|
|
|
|
Input Tax Credits
|
$0
|
$1,545
|
$1,545
|
Gross Salary after Packaging
|
$60,000
|
$39,649
|
$49,181
|
Less
|
|
|
|
PAYG and Medicare Levy
|
$11,947
|
$5,028
|
$8,269
|
Net Salary
|
$48,053
|
$34,621
|
$40,912
|
Less After Tax Costs
|
|
|
|
Unpackaged Vehicle - Lease & Running Costs
|
$17,000
|
$0
|
$0
|
Recipient Contribution
|
$0
|
$0
|
$5,100
|
Net Disposable Income
|
$31,053
|
$34,621
|
$35,812
|
Net Annual Savings
|
$0
|
$3,568
|
$4,759
|
Term of Lease Saving
|
$0
|
$10,704
|
$14,277
|
Travelling 25,000 - 40,000 kms
|
From 1 April 2012
|
From 1 April 2013
|
From 1 April 2014
|
Estimated Annual Running Costs
|
$17,000
|
$17,000
|
$17,000
|
Statutory Percentage
|
17%
|
20%
|
20%
|
Net Annual Savings
|
$4,759
|
$4,400
|
$4,400
|
Where a novated lease vehicle travels between 25,000 to 40,000 kilometres in an FBT Year,
the distance travelled will impact the FBT liability incurred by the vehicle
(or recipient contributions required if under RCM). The statutory
percentage used to calculate the vehicle's taxable value, and hence used to calculate the required post-tax
recipient contributions, will change each new FBT Year during the lease period up to 1st April 2013 (as per
table above).
Novated Lease
40,001kms or more per year
Assumptions:
- Gross Annual Salary: $60,000
- Vehicle Base Value: $30,000 (excluding on-road costs)
- Lease Term: 3 years
- Annual Vehicle Lease & Operating Costs: $19,000
- Travelling 40,001kms or more per FBT Year (statutory percentage varies – see table below)
|
Not Salary Packaging
|
Salary Packaging (with FBT)
|
Salary Packaging (with RCM)
|
Gross Salary
|
$60,000
|
$60,000
|
$60,000
|
Less
|
|
|
|
Vehicle Lease & Running Costs
|
$0
|
$19,000
|
$15,100
|
Fringe Benefits Tax
|
$0
|
$3,744
|
$0
|
GST payable on RCM
|
$0
|
$0
|
$354
|
Plus
|
|
|
|
Input Tax Credits
|
$0
|
$1,727
|
$1,727
|
Gross Salary after Packaging
|
$60,000
|
$38,983
|
$46,273
|
Less
|
|
|
|
PAYG and Medicare Levy
|
$11,947
|
$4,801
|
$7,280
|
Net Salary
|
$48,053
|
$34,182
|
$38,993
|
Less After Tax Costs
|
|
|
|
Unpackaged Vehicle - Lease & Running Costs
|
$19,000
|
$0
|
$0
|
Recipient Contribution
|
$0
|
$0
|
$3,900
|
Net Disposable Income
|
$29,053
|
$34,182
|
$35,093
|
Net Annual Savings
|
$0
|
$5,129
|
$6,040
|
Term of Lease Saving
|
$0
|
$15,387
|
$18,120
|
Travelling 40,001kms or more
|
From 1 April 2012
|
From 1 April 2013
|
From 1 April 2014
|
Estimated Annual Running Costs
|
$19,000
|
$19,000
|
$19,000
|
Statutory Percentage
|
13%
|
17%
|
20%
|
Net Annual Savings
|
$6,040
|
$5,560
|
$5,200
|
Where a novated lease vehicle travels 40,001 kilometres or more in an FBT Year,
the distance travelled will impact the FBT liability incurred by the vehicle
(or recipient contributions required if under RCM). The statutory
percentage used to calculate the vehicle's taxable value, and hence used to calculate the required post-tax
recipient contributions, will change each new FBT Year during the lease period up to 1st April 2014 (as per
table above).