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Want to reduce your income tax? A novated lease is for you!
Buying a car is one of the most important decisions that you can make. It requires a lot of time and effort, plus it’s a big financial investment. So, you need to make sure that you are getting the best deal you can get. At beCarWise, our novated leasing experts can guide you in the decision-making process, saving you both time and money.
Did you know…a novated lease can reduce your income tax and save you money?
How does it reduce your tax?
All your novated lease repayments are paid from your gross salary (otherwise known as pre-tax salary.)
This is called Salary Packaging.
Here’s a simple example:
- You earn $80,000 pa gross income and lease a $35,000 car
- The finance and car running costs for your novated lease are $15,800 pa
- $8,800 of this cost is 100% tax effective
- Each year your employer claims $800 GST on your behalf. This is comparable to $800 of free fuel each year
- The remaining $8,000 then comes straight from your pre-tax salary
- Based on this scenario, your new taxable income is around $72,000 pa
- Reducing the income tax that you pay to the ATO
- And you also get to drive away in your dream car!
How do I get a novated lease?
A novated lease is only available through salary packaging providers like beCarWise. You can’t sign-up for a novated lease at a dealership – so don’t sign on the bottom line with them, we’ll manage that part for you. A lease is a workplace benefit offered by most employers and is available if you have a full-time position. If your employer doesn’t offer this benefit yet, we can easily help them set it up.
What’s included in the running costs of a lease?
By choosing to novate you are bundling ALL the costs of running a car, into your regular repayments. It’s convenient, tax-effective and makes budgeting really easy!
Your package includes big-ticket items like:
- Registration
- Insurance
- Fuel (you will get two handy fuel cards that cover 80% of fuel stations)
- Servicing
- Tyres
- Lump sum repairs for the unexpected
- Roadside Assistance
What can beCarWise offer that the others don’t?
- One provider, many employee benefits.
- Strong track record of customer satisfaction. We have delivered novated leasing to thousands of happy drivers.
- No call centres: personal consultants assigned for the life of the lease.
- Most competitive products: largest panel of lenders, with very competitive rates.
- Easy-to-navigate Client Portal to help manage your lease.
- Simple and efficient claim reimbursements.
- Portable lease: if you move employers, the lease and vehicle can move with you.
Why not speak to our team today?
beCarWise are specialists in novated leasing. We have the knowledge and experience you need to help make an informed decision about your next new or used car. Give us a call on 1300 734 500 or visit here to learn more.
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