If at any time during your Novated Lease you have any questions or concerns, please direct these to us in the first instance. If the matter is urgent, please call our 1300 990 880 primary number and a staff member will answer your question immediately during office hours, or if you have time you can either email us or complete our online enquiry form HERE.
The employer only has the responsibility of establishing the before and after tax deductions from your salary and these are provided to them from Vehicle Solutions Australia.
In our experience, there is a short list of common questions that most people ask either before or during the Novated Lease. All of the answers to the following questions and more are on the FAQ page of our website.
DO I PAY GST ON THE CAR?
WHAT RUNNING COST ARE INCLUDED IN THE PAYMENTS?
WHAT HAPPENS IF I LEAVE MY EMPLOYER?
WHAT IS A RESIDUAL VALUE?
WHAT HAPPENS AT THE END OF THE LEASE?
DO I NEED TO DO ANYTHING ON MY TAX AT THE END OF THE TAX YEAR?
WHAT IS FBT?
WHICH EMPLOYEES BENEFIT MOST?
The other main area of information requested involves the running cost budgets and management for fuel, tyres and scheduled services. How are they set? Can I change these budgets? How do I monitor what I am spending? What happens if I go over these budgets? What happens to the money if I don’t spend the entire budget?
ANSWERS
The running costs for any vehicle vary depending on the vehicle; km’s travelled and even how the vehicle is driven. We take into account all of these factors when setting a budget. However, these budgets can be changed at any time and as many times as required. When these changes are made you will need to change the before and after tax deductions. We will get you to sign a new deduction authority and send this through to your payroll department for action.
Every Vehicle Solutions Australia client has access to our 24/7 online account system. This online portal is set up like a bank statement showing you the credits coming into the account from your payroll and the debits coming out of the account to pay for the lease, fuel, tyres, servicing, registration and insurance when required. Fuel is the main running cost and is the expense that can cause the most variance. To determine the budget for fuel, we take the vehicles average litres per 100kms and multiply this by the number of km’s you will be averaging each year. We then multiply this by a fuel cost of $1.65 per litre. In a vast majority of cases, this allows for enough fuel and a small buffer for the extra trips that can occur from time to time.
If you are still going over your budget, we will contact you to increase the amount we have allocated. If you are going under your budget, this money simply sits in your account waiting to be used for other vehicle expenses. These extra funds are always yours, and Vehicle Solutions Australia cannot spend this money on any other costs. You always have the option to have this money returned via your payroll system.
