Employees lease direct from their pay and Employers can provide a benefit at no risk or cost to them.
Novated leasing (also known as salary sacrificing) is a way for you to finance your vehicle making payments directly from your regular pay through your employer. The employer makes the lease repayments on your behalf with the mix of pre-tax and post-tax dollars meaning no fringe benefits tax to pay. With so many benefits to employees and employers, here are just a few:
Choice of Vehicle
It’s your car – it’s your choice of vehicle. A novated lease lets you choose your dream car. Add in any modifications like nudge bars, tow bar, tinting, car mats and more at the start of the lease to include it in the finance.
The Vehicle is Yours
The lease is in your name and if for any reason, your employment ceases, the novation stops and finance payments will need to be made by you direct or you can pay the lease out or even re-novate with another employer, easy!
By making the repayments with just the right mix of pre and post-tax dollars means you can greatly reduce your income tax payable. Nice! This will include all your running costs as well saving you even more at tax time.
In addition to an online application form, each lease is structured to include all of the scheduled running costs in one single monthly repayment. This means that, for the life of the lease, budgeting is taken care, so no more unexpected bills when registration is due, or tyres are needed.
Novated leases are financed ex GST price of the vehicle, saving you 10% upfront already! As the lease progresses, you don’t pay any GST on any of the running costs like services and tyres – saving you even more!
Discount running costs
StreetFleet has negotiated nationwide volume-based discounts with suppliers for servicing, tyres and fuel. We pass these all on to you!
Novated lease drivers are supported with access to your own online portal enabling you to view your lease details 24/7, see your spending and manage your budgets and expenses.
Employer peace of mind
Employers can have ease of mind with simple deduction schedules supplied by StreetFleet to enable smooth transactions. There is no risk of the Employer getting stuck with the vehicle or payments – if the employment ceases, the deductions also cease. Novated leasing is a fantastic attraction and retention tool for any employer engaging with excellent workplace talent.
Have a look at our Novated Lease Calculator to see how much you could save on your next dream car.
And, don’t forget to check out our resources below including our novated brochure, FAQs and the new novated driver booklet.