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Compare the costs to paying for the same car with after-tax salary. As you read on, you will begin to see how all of the moving parts impact one another with a novated lease calculator and servicing is definitely one of them. We are lucky these days that a lot of new cars come with fixed price servicing which is pretty cool. A fully maintained Novated Lease takes care of your vehicle finance and budgeted estimated running costs in one fixed repayment. Therefore by Salary Packaging the car on a novated lease this person will save $1,584 every year in income tax.
Getting a quick and easy pre-approval is a great way to feel more confident shopping for your car, by knowing exactly what you can afford. The pre approval has no obligation attached, it simply speeds up the final documentation and delivery process. For registration and insurance renewals we use an estimate again depending on the type of vehicle chosen.
Novated Lease Calculator
When looking at any Novated Lease calculator it is important to understand what is included and importantly what is not included. It is very important to understand what is in each of the running cost budgets and how they are calculated. Use our calculator to find out how much you could be saving. While this is an independent budget usually as part of your running costs it is directly linked to expected kms. It is good to discuss these variables in detail with your leading consultant to try and get the quote as accurate as you can.
New, used or even your current car, calculate your savings now. Fuel cards are issued for your convenience; servicing, maintenance and tyres is organised and paid for directly via OneCall. You can keep track of your budgets through our easy reporting or portal, MyCar. At the end of your lease, we reconcile your Novated Lease and return any unspent budget to your employer, who will process it back to you less PAYG.
What are the benefits of a Novated Lease?
A novated car lease is a great alternative to buying a car outright. You need no cash up front, and there are major tax benefits. And because it works by setting up regular deductions from your pay, registration, insurance, roadside assistance, maintenance, tyres and even fuel can all be included. Salary packaging a novated lease will save you money.
Or, request a quote and a Novate It partner can reach out to you and answer any questions regarding rate you may have. They will say, “I just want to do a calculation without having to talk to someone, you just want my details”. We think, most of the time, these responses are mostly because they are worried about talking to a salesperson. Please read a more details article and view the ATO set percentages by clicking HERE. The Novated Lease Calculator requires scripts to be enabled. We can pay registration renewals directly or again, you can pay it yourself and claim the cost back through the package.
Calculate the savings on your next car.
Enter an amount here and the Calculator will provide you with an estimated cost per pay cycle you have specified. This page allows you to change the main variables in a Novated Lease to provide a very accurate estimate on the vehicle of your choice. Lease Calculation – This is a specific finance calculation that needs to be 2 months in arrears and includes the required and correct residual value.
Lease term; How you want the figures to be presented ; your gross annual salary; the vehicle drive away price. Important Information This calculator is provided for illustrative purposes only. The figures are estimates and do not constitute a quote or offer. The figures are based on the information you provided and a number of factors and assumptions. For most people buying a car means they need some form of finance. One of the most common questions is wouldn’t I be better off putting the car on a normal car loan?
Some will seem more obvious than others however we will be as thorough as possible. We will do the hard yards and negotiate a better new car price for you, we can also help arrange test drives, and get you a better trade-in deal with our hassle-free service. And once your new lease starts, we take care of all your car's needs for hassle-free driving.
This brings the total saving per year of $1,970 or $9,850 over the 5 year finance term. Choose your car, order it then hit the road, it really is that easy. The information on this website does not take into account the objectives, financial situation or needs of any person. Before making a decision, you should consider whether it is appropriate in light of your particular objectives, financial situation or needs. You will notice after immediate scrolling, hunting for an interactive calculator, you won’t find one on this page. The exact reason you find yourself here is probably the same reason why we don’t want to put a calculator up.
The first years Comprehensive Car Insurance can be financed if required. This means that you never have to come up with the cash for your insurance. When the insurance fall due again in 12 months simple send in the renewal and the Salary Packaging provider can pay this out of the funds in your Novated Lease account.
Example – Mary drives 15,000kms per year and is about to start a 5 year lease. In our Novated Lease calculator we use $2.25 for the fuel cost because we have clients in parts of Australia where fuel is consistently at this price level. Note that the calculations include a provision for fringe benefits tax , which has been calculated by using the statutory formula method .
Lease Term – This will change the lease payment and can vary from 6 months to 5 years, obviously the shorter the lease term the higher the monthly lease payment. The lease term will also affect the final residual value. The ATO has very strict guidelines for the residual value based on the lease term.
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