Novated leasing for employees
Discover the benefits of novated leasing and enjoy the convenience of managing your vehicle expenses. Get a quote today!
Benefits of novated leasing
With a novated lease, employees can enjoy reduced taxable income and gain access to fleet discounts, saving them money and providing greater flexibility in vehicle choice.
Increased income
Novated leasing allows employees to pay for most, if not all, of their car expenses directly from their pre-tax salary, resulting in significant tax savings. On average, this leads to a 15% increase in salary packages per vehicle, effectively boosting their net income.
Affordable new cars
Novated leasing makes new cars more affordable by reducing the purchase price, finance, and running costs. This affordability extends to hybrid or electric vehicles, where the savings are even greater, making them comparable in cost to standard vehicles.
Simplified car ownership
By handling all vehicle expenses on behalf of the employee, novated leasing removes the hassle of dealing with big bills and simplifies car ownership. Employees no longer need to worry about budgeting for various car expenses as everything is conveniently deducted from their salary.
Environmentally-friendly
Opting for a hybrid or electric vehicle through novated leasing enhances savings even further. Choosing an EV allows employees to enjoy 100% pre-tax payment without any GST to pay. With an EV and plug-in hybrid a salary package can increase up to 33%.
Employees
There are really just 2 choices:
- Pay for everything without any savings and pay more tax, leaving you with less take-home salary, and struggle to get ahead on your own
- Or reduce your car costs and pay less tax
Salary Package Increases by 15%, often more
and up to a 33% salary package increase with electric / plug-in hybrid vehicles.
How your novated lease works
Choose and apply
Select your dream car, apply for finance and sign the lease documents.
A novated lease can work with a new or used car or even one you already own.
Pay
Your novated lease payment is deducted from your salary before it is taxed. This payment includes running costs: fuel, tyres, servicing, insurance and registration.
Save
Reduce your income tax and maximise your take-home pay.
Enjoy
Experience peace of mind with our comprehensive servicing and maintenance program. Then use your extra take home pay to do more, see more and have more!
Yes–it can be owned or under finance.
- The minimum is $5,000
- The maximum depends on your income
Yes, you can. It’s a lot like a home loan, the home is yours to use as you like and then becomes completely yours when you make the final payment. A car lease is much the same.
Yes. The finance type needs to be changed to a ‘lease’ and then a good portion (if not all) of your repayments and running costs can be paid pre-tax. This can still happen even if the amount owed exceeds the value. Speak to an Innovated Leasing consultant to find out more.
Formal approval takes up to 24 hours, often on the same day (dependent upon when the application is received).
Julie Scott
Customer since 2017
Find your new car today
Don’t be the one left behind, get a quote and see how much you can save.
