Novated Leasing - Claims/Variations

Which of the following can be claimed under a Novated Lease?

• Fuel

• Car Washes

• 18 Carat Gold Fuel Cap

• Registration for my motorbike

• Registration and Car Insurance

Salary Packaging is...

• Spending all my money on fun stuff

• Get workplace benefits for free

• An arrangement between EE and ER where the ER provides benefits to the EE in return for an agreed salary adjustment.

• Increase my taxable income in return for workplace benefits which my ER offers.

What is the difference between a direct payment claim or reimbursement claim?

• Direct payment is not allowed whereas a reimbursement is

• Direct payments involve paying 3rd party providers on behalf of customers, whereas a reimbursement claim is sending the customer their money back for something they've already paid for.

• Reimbursement claims are when we pay 3rd party providers whereas a direct payment is when we pay the customer directly for an expense they have already paid for.

What is the current FBT rate?

• 56.2%

• 47.01%

• 47%

• 45%

What benefit is the code MVRC for?

• Rego

• Fuel

• Random Costs

• CTP

What is a Regular benefit?

• Some thing that’s regular

• One off, adhoc claim payments

• A benefit that gets reimbursed on a set date, set amount, set frequency to a set payee

• Regular benefits are something that gets paid regularly from an EEs account e.g. fuel

Which of the following are systems where we, as Maxxia Customer Care Consultant, can view customer information....

• Comet

• Livepro

• Sherlock

• VMS

What is ECM?

• ECM is FBT

• ECM is the post tax component of deductions which we collect and pay to the ATO

• ECM is the post tax component of an EEs deductions which we collect to offset FBT liability of a NL, this can go toward running costs.

• ECM is a pre tax amount which we collect to offset the FBT liability of a novated lease.

What’s a DoN?

• Deed of Novated where ER, EE and Maxxia sign to begin the lease

• Maxxia sales, EE and ER sign the Deed of Novation to begin the novated lease

• Settlements sign this so EE can get their car

• Deed of Novation, ER, EE and financier sign to begin the novated lease

What is the difference between a payment plan and budget adjustment?

• Payment plan covers the entire account, budget adjustment only covers fuel

• A payment plan is temporary instalments to recover funds or pay a major claim, whereas a budget adjustment adjusts all budgets to be in line without EE spending

• Payment plans are ongoing, budget adjustments are temporary increases to main budgets such as MVRG and MVIN