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Is Salary Maximiser the same as Salary Sacrifice? |
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Yes. It’s the Salary Sacrifice or Salary Packaging concept but as it helps to reduce your tax and “maximise” your benefits we have given it a more suitable name.
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What type of equipment can I get with Salary Maximiser? |
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A laptop computer, notebook computer or similar portable computer, pre loaded software and other software if work related; an electronic diary, a personal digital assistant and a portable printer designed for use with a notebook or laptop. Your HR manager has full details of the products you can choose from. |
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Where do I get the equipment from? |
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Your HR department has negotiated an arrangement with your nominated supplier and put together a product and price list for you to choose from. |
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Who pays the monthly amount to TrueRent Finance? |
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Whilst you are employed, your employer pays the rental each month directly to TrueRent Finance. |
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What happens if I leave my current employment? |
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If you leave your current employer you will then be responsible for making the monthly rental payments directly to TrueRent Finance. |
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Am I liable for Fringe Benefits Tax? |
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No. The list of products your HR department have made available for you under the Salary Maximiser program have all been deemed by the ATO as exempt from FBT. In any case FBT is the responsibility of the employer. |
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Does that mean I have to be using the computer for business use? |
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No. The FBT exemption is not related to purpose of use. It can be purely for home/ personal use or for work; whichever suits your needs. |
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Can I get more than one computer using Salary maximiser? |
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The FBT exemption is limited to the acquisition of one laptop/notebook computer or PDA per FBT year. (the FBT year runs 1 April - 31 March) |
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What happens if my computer is stolen or accidentally damaged? |
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The equipment needs to be insured for the duration of the rental term. You may choose to take up the ‘Technology Protection Plan’, where TrueRent retain and bear the risk of theft, loss or accidental damage to the equipment. The equipment will be covered for repairs and warranty under the standard manufacturer’s warranty. If you wish you can extend your cover through TrueRent Techcare Plan. |
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What is the interest rate on the rental? |
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There is no interest rate as there is no loan - you are simply renting the equipment. So you are paying for the use of it over a fixed length of time and you have a variety of options to upgrade and to offer to purchase at the end of term. |
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What happens at the end of the agreement? |
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You can upgrade to new equipment and continue to use the Salary Maximiser program or offer to purchase for fair market value, or continue renting or simply return the equipment and finish your rental agreement. |
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