Hi
I hope someone can help.
Im looking for reference material relating what happens to surplus funds with a novated lease.
Present situation is that the novated lease has approx $2500 in surplus which has accumulated over the course of 3 years.
I am trying to re-novated with the same company as i am changing employers, and the novated lease company NLC is saying that im unable to transfer these funds accumulated over to the new novated lease with a new employer.
They tell me the ATO does not allow this, but im struggling to find any information that reflects this.
They are telling me that it needs to provided back to my previous employer and now i have to pay tax on it - and its applicable to this financial year.. how can this be when the money has been paid over the course over three financial years?
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