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The Executive team are aware of the different tax treatments for different vehicles and therefore...

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Accounting

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 Utility The 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 vehicle FBT 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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