Lease & Asset Finance - Financial Solutions

Salary Packaging or Salary Sacrifice is a tax effective means of receiving your salary by a combination of cash and benefits. For most employees, the most substantial benefit is derived from Salary Packaging a motor vehicle and its' associated operating expenses by a fully managed and budgeted Novated Lease with your Employer.

Lease & Asset Finance has developed an end-to-end system to fully manage the process delivering to you a cost and tax effective means of operating and owning a motor vehicle at no cost to your Employer. By taking advantage of the concessional fringe benefits tax treatment of motor vehicles, utilising the Employee contributions method to reduce F.B.T and the GST savings claimed by your Employer, all combined to result in you having more disposable after tax income compared with purchasing and operating a motor vehicle by private means using your after tax income (refer Salary Sacrifice Calculator).

How do I start the process of Salary Packaging a Motor Vehicle?

Firstly, and most importantly, you must consult with your Employer to agree to implement Salary Packaging if a Salary Packaging policy is not already in place, as your Employer will take responsibility for the finance lease and associated operating expenses by means of a Novation Agreement. The process cannot proceed without your Employer’s authority. Lease & Asset Finance will consult with your Employer if requested to discuss the Novated Lease process.

My Employer agrees to Salary Packaging, how do I start?

Contact Lease & Asset Finance and one of our account managers will consult with you to discuss your vehicle requirements and budget, to personally tailor your vehicle packaging costs. Once the appropriate amount to Salary Sacrifice is determined we can advise you how much to budget for the vehicle purchase and organise a credit approval for the desired amount.

Salary Packaging Application form

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Salary Packaging Participation Agreement

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Are there any restrictions on the vehicle I intend to Lease?

The vehicle can be new, used or a demonstrator vehicle purchased from a licensed motor dealer and is no older than 8 years old at the end of the Lease Term. Motorcycles are excluded from our Novated Lease due to not being classified as a car for F.B.T purposes.

I have found the vehicle I want?

Once you have identified the vehicle you want with your Lease & Asset account manager, do not commit or sign an order without first consulting with your account manager as we may be able to purchase at less cost through our fleet network. It is important for us to control the purchase price to minimise the F.B.T costs and to ensure the vehicle being sought is not overpriced.
Your account manager will at this point organise the necessary agreements and budgets for you and your employer to sign. Upon receipt of the signed documents we will pay for the vehicle and your packaging deduction will commence.

How do I pay for the vehicle expenses?

We will organise for you to be sent a Caltex Star Fleet card, which takes approximately 2 weeks from vehicle delivery. This card is used to purchase fuel from all Caltex & Ampol fuel stations Australia wide. It will also be used to pay for routine maintenance and tyres. When you receive your Star Fleet card you will also receive a user guide.

Do I have to use the Star Fleet card to pay for fuel?

Yes. The card is integrated to our operating system so we can track and monitor fuel usage and kilometres travelled against your budgeted F.B.T & operating costs.

What happens if I need fuel & a Caltex or Ampol site is not available?

We recognise that this can happen in emergencies or remote locations so we allow for a quarterly reimbursement of expenses. Send to us the original receipt of purchase along with the reimbursement claim form (downloadable from this site) and we will electronically funds transfer to your bank account.

How do I keep track of my account?

Our system will automatically e-mail both you and your Employer a monthly report showing your income and expenditure and how you are is tracking against your preset budget. It will also show your F.B.T purposes if you are behind or ahead of budget. We monitor this with you and make adjustments to your payroll deductions if necessary. You can also log-on by clicking on the “Client Log-In” button on our website to view your account.