Salary Packaging

Remuneration Service

Fast Track Australia Fleet Services offer an effective remuneration services product designed to allow employers to offer total flexibility to employees while negating the risk and administrative effort associated with the provision of these vehicles.

Upon implementation of the FTAFS Salary Packaging Services program, an employer notifies the selected employees of the process applicable to the selection and enrolment of a vehicle/s in the program, and of the opportunity to take up a FTAFS Novated Lease.

FTAFS then arranges the acquisition of the vehicle (at preferential pricing) and prepares all lease documentation for signing by both employer and employee.

Once the vehicle is enrolled, all estimated running costs are paid into a FTAFS trust account through direct payroll deduction. FTAFS then makes all lease payments and meets all running costs from the trust account and reports regularly to each employee on the status of their account. FTAFS also prepares FBT calculations and reports.

Upon lease termination, the employee account is reconciled and adjusted.

What is a Novated Lease

The FTAFS Novated Lease comprises a lease between FTAFS and the employee, and a novation agreement/sub-lease between the employer, employee and FTAFS. It allows an employer to provide executives with the benefit of a salary-packaged vehicle of their choice without the employer taking the risks of ownership.

Under this agreement the employee is the lessee and is responsible for the vehicle they select for the duration of the lease. The employer, on the other hand, is the sub-lessee and is responsible for meeting the leasing costs for the lease term or for the term of employment (whichever is the shorter).

To ensure peace of mind, the employee may elect to take "gap" cover, which is offered in conjunction with FTAFS's comprehensive insurance package. This is designed to provide protection against the costs of lease payout required as a result of involuntary termination of their employment.

FTAFS Remuneration Services provides a streamlined method for providing a valuable benefit to salaried employees.

Fees are simple and transparent and include the following:

• Maintenance management
• Vehicle estimates
• Monthly receipt from payroll
• Payment of all running costs as they arise
• Quarterly statements
• Annual review 31st December
• FBT Reports 31st March.

Fee: Included in monthly package cost.
Included in monthly payroll deduction.
Payable in pre-tax dollars.

Ongoing remuneration, administration and Fleet Management are included in the Salary Package Estimate as a flat monthly fee per month per vehicle.