FBT Changes August 2013 - What you need to know
The Commonwealth Government recently proposed changes to Fringe Benefits Tax which will affect Salary Packaging of vehicles.
For the latest information from LeasePlan on these proposals please click here.
Under flexible salary packaging, an eligible staff member can choose to take the salary component of their total remuneration as cash salary or select a combination of cash salary and approved benefits to suit the staff member's individual needs. In certain circumstances flexible salary packaging of up to 100% of gross salary is available to all university staff with the exception of those in casual employment.
LeasePlan - Salary Packaging Administrator
Following an extensive evaluation of the marketplace, the University has appointed LeasePlan Australia to manage the administration of the salary packaging program effective from 18 August 2010. Within LeasePlan, the administration of salary packaging is provided by a specialist team called SalaryPlan.
LeasePlan has a proven track record in providing administration services to companies from all sectors of corporate, government and public benevolent institutions.
Scope of Services
LeasePlan has been appointed to deliver the following services to the University and its employees:
- Creation of salary packaging accounts for new members to the program
- Provision of day to day administration of existing packaging arrangements
- Processing of invoices received from third parties such as car leasing companies and payment of superannuation contributions to compliant funds (non UniSuper)
- Managing the termination of packaging arrangements in the event of an expiry to a car lease or if you leave employment
- Managing amendments to salary packaging accounts, eg changes to budgeted kilometres, lease extensions, etc
- Managing the salary packaging data in a purpose-built web enabled administration system
- Providing deduction/reimbursement files for payroll processing
- Quarterly and end of year Fringe Benefit Taxation (FBT) reconciliation and administration
- Telephone and email access to LeasePlan's SalaryPlan team
Staff have access to your specific account details via the SalaryPlan Employee Reporting website including:
- individual benefits as well as packaging account balances at any time,
- deductions taken from payroll and received into packaging accounts,
- payments made from packaging accounts to benefit providers, and
- amounts of FBT collected progressively and paid.
In addition, the following packaging tools and information are available:
- A packaging calculator to undertake employee specific "what if" analysis on the range of benefits
- Access to LeasePlan financed novated lease quotation tool LeasePlan On-Line
Novated lease applications
- Access to electronic forms manager, whereby you can download all appropriate forms and declarations for the full range of benefits available
- Links to other useful information including the Tax Office site
- Contact details for both the SalaryPlan and LeasePlan teams
Access to the SalaryPlan Employee Reporting website is fully password protected.
Employees will also have access to an experienced salary packaging team.
LeasePlan and the University are committed to providing a professional and efficient salary packaging administration program, and look forward to supplying you with any information you require.
NOTE: UniSuper's additional superannuation contributions component will still be administered by Remuneration and Benefits, Human Resource Services - contacts are available from this link.
The range of benefits that may be salary packaged has been set by the University as:
- Campus Entry Permit (Parking)
- Novated Leasing
- UniSuper - standard and additional superannuation contributions
- Living away from home allowance
- Mobile phones and PDA's
Staff members wishing to participate in the Salary Packaging scheme are strongly urged to seek independent financial advice, particularly in relation to complex motor vehicle fringe benefits tax and income tax issues. Such advice is not available from the University.