ATO Loan Rates
ATO Loan Rates
The Australian Government has legislated repayment thresholds for compulsory repayment of government loans. The types of loan covered by these rates are as follows:
Higher Education Loan Program (HELP)
VET Student Loan (VSL)
Student Financial Supplement Scheme (SFSS)
Student Start-up Loan (SSL)
ABSTUDY Student Start-up Loan (ABSTUDY SSL)
Trade Support Loan (TSL)
Loan thresholds and rates are updated in your system when new legislation changes the values. These rates can be used in quote PDF documents. Like other rate tables, the quote's "Effective Date" is used to select the appropriate record from this table to use in ATO Loan calculations.
Use the ATO Loan calculation model to see the effect of a calculated HELP Debt.
Thresholds and Rates
These rates are used to calculate ATO Loan repayment values in quote placeholders. These can be used in HTML quote templates as part of a salary packaging comparison.
Thresholds and rates are published by the Australian Taxation Office as 'Study and training loan repayment thresholds and rates'.
Record of Rates
Effective from 1 July 2024
Effective from 1 July 2023
Effective from 1 July 2022
Effective from 1 July 2021
In August 2022 rates for the 2021-2022 Tax year have been added into the table for historic purposes.
Effective from 1 July 2020
Effective from 1 July 2019
Statutory Rate
Statutory Rate and FBT calculations are displayed in a number of locations in the system - Quote documents, Contracts / FBT and various FBT reports.
Quoting
When a quote is performed, the Statutory Rate that will be used is determined by two factors:
The "Annual KMs" of the quote - determines which distance bracket the vehicle belongs to
The "Effective Date" of the quote - determines the yearly rate that will be used
Contracts and Reports
When the quote is transferred to a contract, the "Statutory Rate Date" field in Contracts / FBT can be used to refine the Statutory Rate that is used.
The date entered determines which statutory rate will be applied to FBT calculations on the Contracts / FBT screen, in Driver Reports and in FBT reports.
If the date is blank or earlier than 11/05/2011, the existing rates will be used.
If the date entered is 11/05/2011 or later, the new rates announced in the 2011 Federal Budget will be used.
This means that a date must be entered in this field for the new rates to apply to the contract. In most cases, the Start Date of the contract will be suitable. However, there are some scenarios where your driver may be disadvantaged by using the Start Date to determine the statutory rate.
Example Scenario
01/03/2011: a business enters into a contract for a new vehicle expecting 7% at 40,001 kms
15/05/2011: a vehicle is delivered (3rd party start date - to calculate FBT from this date)
01/07/2011: your organisation takes over management of this fleet (contract start date)
In the scenario above, it is desirable (and appropriate) to apply the pre-existing rate to the contract, so the Statutory Rate Date should be 01/03/2011.
A scheduled job exists to populate the Statutory Rate Date with the Start Date if it is blank. You can override this with an alternative date if needed.
Note: The Statutory Rate that would be applicable if the 'Statutory' Benefit Type was in use is always displayed. This should not be mistaken as the percentage rate used to determine the annual Fringe Benefit, Reportable Benefit and Fringe Benefits Tax (FBT) which is calculated from the Business Usage when using the 'Operating' Cost method. The mitigation of FBT cost using an Employee Contribution is determined by FBT Value x (100-Business Usage)% = Employee Contribution.
Salary Type
Main Page: Fleet / Administration / Clients / Quote Defaults / Salary Type
The client's salary type determines if a superannuation calculation is performed on the driver's quote (results show in the 'Superannuation' field).
The salary value used in the calculation can be entered directly into the quote. Alternatively, if a value has been stored in the 'Salary' field in the driver record, this will show in the quote.
Asset Type
The Asset Types available for Maclease Partner are listed below.
Selecting and Adding Asset Types
Once an Asset Type has been selected from the drop list, use the Tab key to navigate across the page to populate other related fields.
Continue using the Tab key to navigate to the next line to select additional Asset Types.
Removing an Asset
Where an Asset has been entered in error, select the 'x' character in the first column.
Where one or more liabilities are linked to the Asset being removed, a warning will appear prompting the user to consider its removal.
Liability Type
The Liability Types available for Maclease Partner are listed below.
Selecting the Liability Type
Selecting the Liability Type can be performed via two methods:
When an Asset Type has been entered and is identified with an 'ownership' status of 'debt-owed' the corresponding liability will be automatically created
Where there is not a link to any Asset Type, select the Liability Type from the drop list or tab to the next line to make the selection if it is not the first entry
Removing a Liability
Where a Liability needs to be removed, select the 'x' button in the first column.
Where an Asset is linked to the Liability being removed, a warning will appear prompting the user to consider its removal.