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What is a
novated lease?

The cheapest, most tax-effective way of owning a car

What is Novated Lease

A novated lease is the cheapest, most tax effective way of owning a car. It’s a car finance lease attached to a ‘novation agreement’ that allows you to salary package a car, reducing your income tax and saving GST.

In addition to the actual car finance, you’re also able to salary sacrifice a car’s running costs, such as insurance, petrol, servicing, tyres & roadside assistance – so these costs become packaged into your salary too, reducing your income tax even further.

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Do I qualify for a novated lease?

Do I qualify for a novated lease?

If you receive a salary and pay tax through the PAYG system, then yes, you do qualify for a novated lease. It doesn’t matter how many kilometres you drive, what tax bracket you’re in, whether you use the car for work or not. Even if you own the car outright, you’re still eligible for a novated lease and all the savings that come with it.

How much can I save?

How much can I save with a novated lease?

Everyone has their own unique set of circumstances, however, as an example of how much money you could be saving, by choosing to salary sacrifice a car in 2016, the average Autopia driver increased their disposable income by $5,672.

What’s Fringe Benefit Tax?

What’s Fringe Benefit Tax and do I have to pay it with a novated lease?

Fringe benefit tax is the ATO’s way of generating income from ‘non-monetary’ benefits like a car, but you shouldn’t ever have to pay it as long as your novated lease is managed by Autopia. By covering a portion of your car’s expenses out of your post-tax salary, we offset the liability, completely eliminating fringe benefit tax. This is called the Employee Contribution Method. It’s one of the strategies we can use to ensure you never have to pay fringe benefit tax, and it could be your new best friend.

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