Have some more questions?
How is my FBT calculated?
FBT is calculated as follows:
($30,000 {FBT Base value} x 20% {Statutory Method Percentage} – $0 {Post Tax Contributions ECM}) x {Days/365} {number of days held/in FBT year} x 47% {FBT Rate} x 2.0802 {Gross up Factor} = $5,866.16 FBT payable
What is the Luxury Car Tax Limit and how would it affect
my lease?
Luxury car tax (LCT) is a 33% tax on any luxury vehicle as determined by an ATO nominated value. Currently, for 2020-21 the LCT limit is $68,740 so any vehicle with a value above this amount will be taxed at 33%. For ‘green’ vehicles this limit has been increased to $77,565. Taking out a Novated Lease on a vehicle above this limit can
have an additional impact on your salary (over a non-luxury vehicle) as the tax treatment changes for vehicles above this limit. We strongly recommend you speak with a financial advisor or tax professional if you are looking at a Novated Lease on a luxury vehicle.
Is comprehensive insurance included?
All leased vehicles must be comprehensively insured. StreetFleet will arrange insurance through our preferred supplier at competitive rates with features designed with Novated Leasing in mind.
What is Accident Management?
StreetFleet’s Novated Lease products include an accident management service. Simply call our office and we can assist you to deal with the accident, make an insurance claim, have the vehicle repaired, etc.
What happens if I write my Novated lease vehicle off?
If your vehicle is written off, the lease will need to be finalised, with a final payment as determined by us, and is then terminated. If your insurance payout does not cover
the finance payout, you will have to make the shortfall/gap payment to us to finalise the lease. Gap insurance covers you for this event up to certain limits. Please refer to the product disclosure statement (PDS), which is made available with the initial lease quotation or by visiting here. Depending on policy terms and conditions, and if your insurance covers your new replacement vehicle, we may be able to continue the lease with the replacement car.
Can tolls and parking infringements be included in my lease?
No. The ATO guidelines state that tolls and parking infringements cannot be included in a Novated Lease.
Who can drive my Novated Lease vehicle?
It is completely up to you; however, there may be restrictions from your insurer or employer on who can drive the vehicle.
How do I purchase fuel and when will I get my fuel card?
StreetFleet will organise your fuel card through Motorpass, which will arrive approximately 7 days after delivery. If you need to fill up during this period, complete our online reimbursement form and we will reimburse you from your lease provisions if fuel has been included.
What do I do if my vehicle is due for a service?
Just book the vehicle into your local MTA approved service centre. When dropping the car off, let them know that StreetFleet manages the vehicle and they will contact us for work authorisation. Our decals will also be on the service books to remind the dealer. Once the service is complete simply collect your vehicle and all invoices will be sent to our office for payment. If there are any issues with the vehicle (such as required repairs etc) we will contact you to discuss.
How do I track what I have spent against the budgets included in my package?
Login to our driver 24/7 driver portal to view your expenditure.
How can I track my actual kilometre usage against my lease kilometre limits?
There are three ways that we can collect km readings on your
lease vehicles:
1. When you give your kms reading at petrol stations
2. When your vehicle is serviced
3. If you manually enter your reading in our online system.
At any stage, you can log into the system to track your actual
kilometres against your kilometre limit.
What if I need reimbursement?
If you ever need to pay for fuel, maintenance or other related expenses with your own money, StreetFleet can reimburse you from your running cost budget to ensure that all costs which can be paid from your “pre-tax” salary, are in accordance with ATO guidelines. Simply complete our online reimbursement form and StreetFleet will reimburse the money back into your nominated bank account via EFT.
Vehicle Registration
The cost of registration is included in your lease and will be paid by StreetFleet. As the vehicle is yours, it is registered in your name. This means that renewals are issued to your preferred postal/email address by the relevant motor registration governing body. When you receive a renewal, you have two options for payment;
- Pay the renewal yourself and submit for reimbursement via the driver portal.
- Submit the renewal papers to StreetFleet via the dedicated regos@streetfleet.com.au no sooner than 10 days prior to due date and StreetFleet will arrange the payment on your behalf if enough funds have been accrued in your lease provisions. Note that certain states require specific information, so you must download and provide the entire form for StreetFleet to be able to process on your behalf.
What if I spend LESS money than my employer deducts?
These amounts are returned to you via your payroll at the end of the lease term.
What if I spend MORE money than my employer deducts?
These amounts are invoiced to your employer and deducted via your pre-tax salary, biannually.
What happens if I leave my employer during my lease term?
If you leave your employer, you must notify StreetFleet in writing immediately. The Novation Agreement with your employer will be terminated and you become the lessee of the vehicle. This means that you will become responsible for making all lease payments. You may also contact us on 1300 273 359 to discuss alternative arrangements such as transferring the Novated Lease to a new employer or paying the lease out early. StreetFleet will provide your employer with a package reconciliation that includes FBT to assist them in preparing your final payment. As some costs may not be known on the date the novation is terminated, it may take up to 5 days to complete the reconciliation to calculate your final payment or refund.
What happens at the end of my lease?
Three months prior to the end of the lease term, we will contact you to remind you that the end of your lease term is approaching and outline the alternatives that are available to you.
What is the Native Pathway Project?
Through our Native Pathways Project, StreetFleet has surrendered 512 tonnes of carbon emissions with the purchase of Australian Native Reforestation. We are working with Greenfleet to measure, reduce and offset carbon emissions from vehicles to invest in the future of the sustainability of our planet. The inclusion of this offset in your monthly deduction enables the purchase of more trees, removing existing carbon from the atmosphere to restore a healthy, functioning landscape.
What happens if I involuntarily leave employment or cannot work?
If you involuntarily leave your employment or cannot work due to certain circumstances, you will still be required to make the lease repayments. Loan Termination Protection insurance allows you to hand the vehicle back should one of the designated life events occur (up to certain limits). Please note that due to legislative changes we are no longer able to include Loan Termination Protection in our lease quotes, however you can still purchase this policy separately from your chosen insurer.