The Executive team are aware of the different tax treatments for different vehicles and therefore...
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The Executive team are aware of the different tax treatments for different vehicles and therefore they would like a brief explanation of the Fringe Benefit Tax (FBT) treatment of the following vehicles: electric vehicles hybrid vehicles utility vehicles Gross Vehicle Mass (GVM) over 1 tonne.Table 7 the Fringe Benefit Tax treatment (FBT)Electric Hybrid UtilityThe Executive team have been referred to Smartsalary as a potential salary packaging provider, with the ability to provide novated lease arrangements. The Executive team are unfamiliar with how a novated lease operates. You have been asked to provide information on the following questions: Type of vehicleFBT Treatment 1. What is a novated lease?2. How are the payments made?3. Are there any fringe benefits tax implications?4. What are the potential costs to the employer?
5. What is one non-financial benefit to the employees?6. What happens to the novated lease if an employee leaves the business and beings working for another employer?
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