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Novated leases used to be only available to public sector employees – nurses, teachers, etc. The market has been opened up and MotorFleet is maximising the opportunity for its clients in this area.
Of course there are financial benefits to both the employee and the employer, but we tend to find that a major factor is that this provides a valuable staff benefit, resulting in improved staff retention, attraction & retention rates, helping with the process of being an employer of choice.
WHAT IS A NOVATED LEASE ?
Put simply, it’s the cheapest way to drive your ideal car. A novated lease is a tri-partite arrangement between the employee, the employer and the leasing company, sanctioned by the ATO. It utilises tax free income for the employee to purchase their own car(s) – and also covers the running costs too. It's calculated on the basis of a budget – so if your circumstances change, it can be revised.
It can and usually does include the following –
- Discounted Maintenance & Servicing
- Discounted Tyres, Batteries, Exhausts, Windscreens
- Fuel with a fuel card
- Comprehensive Insurance
- Registration / CTP Insurance
- Accident management
- Roadside Assistance
- Toll management
BENEFITS TO THE EMPLOYEE
New, demo or late used cars can be novated, subject to age / km restrictions on the car
A car can be novated for a family member instead of, as well as one for the employee
Less income tax is payable by you
You pay for your car and its running costs free of GST
The payment and all the budgeted costs for your car are deducted from your salary in one payment
You don’t have to use the car for business use to benefit, or do high kms
Any make or model is available – you get free objective advice on the market should you want it
Completely portable – the lease can move with you should you leave your current employer