Streamlining HACC Requirements
Streamlining your HACC requirements
HACC asset acquisition legislation changes mean that HACC funded assets now require funds to be set aside in an account for replacement and the acquisition of additional assets. Asset acquisition occurs when an additional asset is purchased or an existing asset is replaced.
The use of HACC funds to acquire additional assets requires a HACC Growth Funding Application (GFA) application. This applies even when there are funds set aside in an asset replacement reserve account. Asset replacement funds can only be used to replace existing assets.
Existing assets are replaced from funds that have been set-aside in the interest bearing Asset Replacement Account.
There may be insufficient replacement funds to replace existing assets.
A shortfall greater than $1,000 (but less than $10,000) to replace an asset requires a special ‘business case’. Any shortfall greater than $10,000 must be funded via the GFA process.
Any disposal of an asset that results in a loss on disposal greater than $1,000 must be informed to the service provider’s Project Officer.
easifleet can help you to streamline your HACC reporting requirements with our Operating Lease options. You can remove your cars, trucks, vans and buses from your balance sheet,
- reduce your reporting requirements; and
- remove the need for asset replacement reserves.
The HACC funded asset policy details your asset recording and the treatment required for those assets.
It also states than an operating lease on a motor vehicle is excluded from the policy and a finance lease should only be included once ownership has transferred to the lease.
No Capital Outlay
Regardless of lease type you commit to a rental for 12, 24, 36, 48 and 60 months
Funds you would otherwise be setting aside in asset replacement reserve can be used to meet your lease payments.
Want to own the car?
It’s your choice whether you take a lease where you hand back the vehicle at the end for no extra cost and replace with a new vehicle, or whether you simply pay a residual payment established at the start of the lease and then take ownership.
Improved Cost Management/ Forecasting
To streamline the running of their fleet and enable easier forecasting, many service providers choose to include
- maintenance and service
- fuel cards
- registration renewal
This allows the company to lock down operational costs for the term and if they don’t spend it – they get it back at the end.
Contact easifleet if you want to learn more about:
- better vehicle discounts
- getting three quotes for your cars
- get national fleet discount for employees personal cars
- access to novated leasing
- access to operating leases or finance leases
With easifleet, it’s easier than ever.