Even accountancy firms are now jumping on the bandwagon, and
providing over stated or incorrect comparison gains, from car associate lease
versus novated lease salary sacrifices.
Salary Packaging Gurus have slightly amended the
accountancy firm’s website example, to a $45,000 car, with $8,500 p.a. running
costs, $8,500 p.a. FBT taxable value, and a 4 year term novated lease rental of
$8,440 p.a. + GST.
The employee paid the $8,500 running costs as a non tax
deductible employee recipients payment in both the novated and associate
lease examples, to offset the $8,500 annual FBT taxable value.
Thousands of self drive in / drive out mining employees each owe Bob Millikin fromSalary Packaging Gurusa beer or two!
When the draft legislation for the Living Away From Home Allowance (LAFHA) changes was released in July 2012, only employees who were flown and driven to the worksite in employer provided transport, were exempted from the 12 month timeframe limit and own residence availability conditions.
This meant that the thousands of employees, typically in the mining industry, who drive their own cars long distances to and from the worksite, at the start and end of their (say) 7 days on, 7 days off shift would not have been eligible for the concessions.
Welcome to Salary Packaging Gurus.
Please come back to our blog soon to keep updated on all things revolving around salary packaging (salary sacrificing), FBT, Novated Leases, Associate Leases, salary package advice and all other available fringe benefits.
Salary Packaging Gurus provide advice to employers and their employees on all aspects of salary packaging, FBT and all fringe benefits. We do not administer salary packaging programs, we are salary packaging consultants who offer independant advice.