Changes were made in the 2011 Budget to replace progressive statutory rates with a single statutory rate of 20% by 2014, which applies regardless of kilometres travelled. This change will be phased in for new commitments. Transitional arrangements will apply with the change being phased in over the next four years.
For the purposes of this estimate, the calculation is based on statutory rates of 20% for 0-14,999 kms FBT year, 20% for 15,000-24,999 kms FBT year, 14% for 25,000-40,000 kms per FBT year and 10% for 40,001 kms or more per FBT year, which are the rates effective from 7.30pm on the 10th May 2011.
These rates are valid until 31st March 2012. Please contact Summit.s Novated team by email at Novated@summitlease.com.au
or by phone on 02 9638 7833 to obtain a complete quote which outlines the breakdown of the statutory rates over the next 4 years.
Summit Auto Lease Pty Ltd accepts no liability for the reliance on the results provided in this calculation.
The information in this estimate is designed as a guide only and should not be taken as Taxation Advice.
Summit recommends that you obtain independent advice from your accountant or financial advisor when making a decision on the impact of Summit.s Novated Lease on your total salary.