Most Novated Lease vehicles are established as fully maintained contracts. This means that a majority of the vehicle running costs are included in the agreed budgets. Running costs include; Finance (Lease), fuel, tyres, schedule services, registration and insurance renewals every year. To pay for these items Vehicle Solutions Australia provide a fuel card that can be used for a vast majority of the vehicle running cost consumables such as fuel, tyres, schedule services, batteries, windscreens.
The balance of the items such as registration insurance and the lease are paid directly from our office to the provider. This means once the Novated Lease is established you have no need to claim any expenses on your tax at the end of the financial year.
What if I paid for one of these items in cash or on my credit card?
From time to time our customers pay for something on their car with their own funds. This is fine and we can reimburse this immediately. Simply keep a copy of the “Tax Receipt/Invoice” take a photo or scan of the receipt and attached it to our reimbursement claim form that you can download by clicking HERE. Once we receive this we will have your money back in your account within 48 hrs.
BUSINESS USE VEHICLES
If you are using the vehicle for business use you may be able to claim a km allowance for the expenses incurred for this business travel from your work if this use is minor and infrequent. However if your business use if high, for example over 60% then you need to let us know and we can change the way we calculate the FBT (fringe benefits tax) to be able to account for this business use to save you even more tax. When we account for this in the calculations there is no need to claim addition expenses through your tax.
How can I get a more competitive Novated Lease that includes all of the running costs?
- Use our calculator online.
- Please call us on 1300 990 880.
- Drop into the office anytime between 9am to 5pm at Level 1, 288 Glen Osmond Road, Fullarton.