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Am I Eligible For A Novated Lease?

Am I Eligible For A Novated Lease?

If you’re thinking about entering into a novated lease agreement, then you should know that all you need to be eligible is a taxable income! The number one reason to opt for a novated lease is to save you money in tax, and there are a few ways to achieve this.

The best way to start understanding just how beneficial a novated lease could be for you is to employ a car novated lease calculator to start crunching the numbers for you! A car novated lease calculator is extremely easy to use, and no identifying information is required.

Vehicle Solutions offers a comprehensive car novated lease calculator that incorporates more variables than most which could affect your potential savings. It’s essential to use a reliable car novated lease calculator to avoid disappointment with misrepresented savings when it comes to your taxable income.

What information do I need to have?

Novated leasing can be a troublesome concept to grasp initially; however, once you have all the relevant information ready, a car novated lease calculator will make it easy to see how it can benefit you financially. The information required for a successful calculation is as follows.

You will need to select an employer, governmental or otherwise, as this could have an impact on exactly how your employer will report items within the lease — secondly, the lease term, which equates to how you want the figures to appear, whether it be weekly, fortnightly or monthly.

The most crucial bit of information required for the car novated lease calculator to work is your gross annual salary, as this determines which tax bracket you fall into and consequently how massive your savings can be. Next, you will select the desired drive away price of the vehicle you choose.

Finally, the vehicle type must be selected, e.g. 4×4, small hatch, etc. because this will impact the running costs which of course are in your novated lease. Also, the annual km’s that you will travel using this vehicle.

I have used the car novated lease calculator, now what?

Once you’ve received a figure demonstrating your potential savings with a novated lease, you can apply for a pre-approval or call the team at Vehicle Solutions to find out more! We aim to work closely with our customers and ensure they are making the most informed decision possible.

We understand the critical importance of managing your finances and that financial decisions take time and planning. Our friendly administration team are always happy to answer your questions, or you can use our ‘contact us’ link to request more information.

As long as your employer is willing to establish a payroll code for the pre-tax payments deducted from your salary and establish the amounts and transfer of money to the Salary Packaging provider, then the provider manages all payments and reporting!

Try our car novated lease calculator today and see how much you could be saving!