Government CarPlan (GCP) Scheme
Vehicle Salary Packaging for the Senior Management Group
Expiry of Lease Term
Upon expiry of your contracted lease term you may choose from the following options:
- Option 1 - Purchase the vehicle at the residual value plus GST;
- Option 2 - Extend the lease for a further term (minimum extension term of 12 months and conditions apply);
- Option 3 - Return the vehicle to LeasePlan nominated site for sale;
LeasePlan will contact all employees leasing a vehicle 3 months prior to the lease end date for details of which option you will be electing. LeasePlan is required to be notified at least 28 days prior to the end of the lease on which option you will be selecting. Please note: if a third party is making payment for the vehicle (eg: a dealer, if vehicle is being traded) the employee is responsible for ensuring the dealer makes payment to LeasePlan on time.
Further information is available from the Government CarPlan User Guide which is available within the Lease Information Kit (GCP), and from LeasePlan's customer service team.
On expiry of your leasing agreement LeasePlan will reconcile your actual operating costs compared to you budged operating costs and provide you with a
Settlement Tax Invoice / Adjustment Note. LeasePlan will forward any surplus monies to the University or LeasePlan will invoice the University if
there is a deficit. At this point the University will also reconcile your internal account and collect monies owing (pre-tax) in the case of a deficit or
distribute funds in the case of a surplus through payroll (this payment will be taxable). A reconciliation statement will be provided from Payroll Services
to show a summary and final position of your leasing arrangements.
Further information is available from the Government CarPlan User Guide which is available within the Lease Information Kit (GCP).
|
