NOVATED LEASE. 3.1 In consideration of the rescission of the Lease, the Lessor grants and the Employer accepts to be bound by and punctually perform the Employer Obligations from the Commencement Date.
3.2 In consideration of the rescission of the Lease, the Lessor grants and the Employee accepts to be bound by and punctually perform the Employee Obligations from the Commencement Date.
NOVATED LEASE arrangement where an employee who has the ability to salary sacrifice takes out a finance lease and then ‘novates’ it to their employer. The employer agrees to take on the financial responsibility for paying the rentals under the lease while the employee remains with them. The employer claims a deduction for the lease rentals. The employee cannot claim any deduction for the lease rentals.
NOVATED LEASE. 59.1 BAA will continue to make available to Employees the option of salary sacrifice for novated lease vehicles in accordance with BAA policy and applicable laws.
59.2 Employees will be required to use the novated lease provider selected by BAA. The novated lease company selected will be required to provide Employees with information (tax implications, etc.) through Employee sessions and one-on-one meetings if required.
59.3 Employees are advised to seek independent financial advice prior to entering into a novated lease arrangement.
NOVATED LEASE. CSL will continue to facilitate employee’s acquisition of a vehicle through novated leasing arrangements. Employees are responsible for any liabilities associated with this arrangement, including tax, which is subject to Australian tax rulings as varied from time to time.
NOVATED LEASE. (i) An employee who wishes to enter into a novated lease for a vehicle under the provisions of this clause may do so only through the Administrator appointed by WorkSafe Victoria.
(ii) Any issue relating to a novated lease will be a matter between the employee and the Administrator. On entering into a novated lease arrangement the employee will have to abide by the rules as defined by the Administrator.
(iii) Employee will be responsible for all costs associated with the novated lease including FBT and running costs of the vehicle (i.e. registration, maintenance, insurance, fuel and parking).
NOVATED LEASE. 10.4.1 The Company will provide for administration of novated leases for Employees covered under this Agreement at Clause 8.6 & Clause 8.9.
10.4.2 The administration of the novated lease shall be through the Company’s preferred supplier.
NOVATED LEASE. 14.1 Subject to agreement by the Company, eligible Full Time Employees may elect in writing to forego part of their remuneration under a salary sacrifice arrangement for the purposes of entering a novated lease in accordance with the applicable Company policies and procedures as varied from time to time.
14.2 Any such salary sacrifice arrangement can only take effect after the Company has received the Employees written election in accordance with this clause.
14.3 If an Employee enters into a salary sacrifice arrangement, then in determining the applicable salary sacrifice amount, the Company will take into account the total cost to the Company of providing the agreed benefits, including any fringe benefits tax payable under applicable law, in respect of any component of the benefit provided under the salary sacrifice arrangement. LEAVE, PUBLIC HOLIDAYS AND REDUNDANCY 15 Annual Leave
15.1 Annual leave is provided for in the NES. This clause deals with additional matters.
15.2 Current Employees at the commencement of this Agreement will maintain their existing annual leave entitlement in the event it is more generous than the NES entitlement.
15.3 A Minimum of one (1) week notice will need to be provided by the Employee to the Company for annual leave requests. Approvals will be subject to operational requirements.
15.4 During a period of annual leave an Employee will be paid 17.5% annual leave loading calculated on the Rates of Pay at Schedule 3.
15.5 Annual close-down
a) The Company may close down its enterprise or part of it for the purpose of allowing annual leave to the majority of its employees in the enterprise or part of it, provided that:
b) the Company gives at least four (4) weeks' notice of its intention to do so;
c) an Employee who has accrued sufficient annual leave to cover the period of the close-down is allowed leave and paid at the appropriate rate;
d) an Employee who has not accrued sufficient leave to cover part or all of the close-down is allowed paid leave for the period for which they have accrued sufficient leave and will be granted unpaid leave for the remainder of the close-down; and
e) any leave taken as a result of a close-down under this clause counts as service by the Employee with the Company.
NOVATED LEASE. 1.15.1 The Company agrees to continue to make available to employees the option of salary sacrifice for novated lease vehicles in accordance with Company policy and applicable laws. Employees will be required to use the novated lease provider selected by the Company. The novated lease company selected will be required to provide employees with information (tax implications, etc) through employee sessions and one-on-one meetings if required. Employees are advised to seek independent financial advice prior to entering into a novated lease arrangement.
