Fleet Network is one of Austalia's fastest growing providers of vehicle finance solutions for personal vehicle owners. Our ability to bulk purchase motor vehicles independent of any manufacturer or dealer allows us to offer superb leasing and financing deals on vehicles currently available within Australia.
The Company is W.A. owned and operated, although we have contacts nationwide and service a national client base.
We specialise in motor vehicle leases and our experienced staff are highly trained to ensure our clients receive very competitive pricing and the highest levels of customer service.
Our clients are strongly encouraged to seek the advice of a financial advisor and Fleet Network are able to arrange to have this cost incorporated into the client's salary deductions.
What is a fully maintained lease?
A fully maintained novated lease is a three way agreement between the employer, employee and the financial company which enables the employee to salary package a car and its operating costs from their pre-tax dollars. Under this agreement the Employer agrees to pay the employee's financial obligations under the lease, (salary sacrificing the cost from the employee), whilst the employee remains the registered owner of the vehicle and assumes control of the motor vehicle. If employment ceases for any reason or the lease agreement is finalised, the novation ceases and the payments assumed by the employer revert back to the employee.
Benefits
Employee
Save money - a fully maintained novated lease reduces your income tax. You also save GST on the purchase of your vehicle and all the operating expenses.
Choice - you can choose whichever car suits your needs and Fleet Network will do the running around to ensure you receive the best possible price for the vehicle. We will arrange finance and prepare all the necessary documents on your behalf.
Control - the motor vehicle can be used entirely for private use and you control the car, including care and maintenance.
Portability - you may be able to take the lease with you if you change employers if your new employer is in agreement.
Employer
Retention of staff - this is an extra benefit to an employee, giving you the ability to offer substantial benefits to your employees through a remuneration package at no extra cost to yourself.
A novated lease is hassle free - the employee selects the vehicle and is totally responsible for running it. Fleet Network finds the best possible price, arranges the finance, prepares the documents and advises the employer of the pre- and post- tax deductions. The finance and running costs for the vehicle are processed by Fleet Network and the employee is informed of their lease balance. All the employer has to do is ensure that Fleet Network's invoice is paid on time.
No residual risk or liability should an employee leave.
Significantly reduces administration time and costs compared to operating a company fleet.
Time saving - Fleet Network works directly with the employee to assist with any queries and issues the employee may have. We are also there to assist the employer and our experienced staff are able to answer the majority of queries instantly.
Liabilities
Employee
Costs for the lease are transferred in full to the employee upon termination of employment - however it is possible that the lease may continue with a new employer or be paid in after tax dollars by the employee.Fringe Benefits Tax, using the employee contribution method, is calculated by Fleet Network and incorporated into the package. This calculation is clearly shown as the post tax component on our reports and, as long as the employee completes his nominated kilometres, no further fringe benefit is payable.
Employer
Fringe Benefits Tax is payable on benefits to the employee, however Fleet Network calculates and advises you of your employee's post-tax contribution (Employee Contribution Method), and as long as the employee maintains their nominated number of kilometres there will be no need to pay additional FBT. Fleet Network recommends that a remuneration package is drawn up between the employer and employee which will enable the employer to claw back any unforeseen costs the employee may incur due to not meeting his nominated kilometres.
The employer is responsible for timely payment of Fleet Network invoices.