Hi there. I’ll try to keep this simple.
My novated lease is via the Employee Contribution Method, which for my lease reduces the FBT liability to nil.
Is the following from my leasing company correct? “Where the employee adopts the ECM and reduces the FBT on the motor vehicle to Nil, the benefit will not be reported on the employee's payment summary.”
Will I have to report on my tax return a reportable fringe benefit for the lease?
Is the following from my leasing company correct? “Where the employee adopts the ECM and reduces the FBT on the motor vehicle to Nil, the benefit will not be reported on the employee's payment summary.”
Yes
Will I have to report on my tax return a reportable fringe benefit for the lease?
No
Is the following from my leasing company correct? “Where the employee adopts the ECM and reduces the FBT on the motor vehicle to Nil, the benefit will not be reported on the employee's payment summary.”
Yes
Will I have to report on my tax return a reportable fringe benefit for the lease?
No
22 Apr 2024 · 6 min read time
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