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Novated leasing … what’s in it for me?

Firstly, let’s be clear exactly what a novated lease is … a novated lease (we call Novate One) is an easy and tax-effective way of running a car.  With weekly, fortnight or monthly payments that cover the finance cost and the running costs of your car such as fuel, registration & CTP, insurance, servicing, tyres, roadside assistance and even car washes.

Is a novated lease tax effective?

Paying all the financing and running costs from your income after it has been taxed provides no savings.

Utilising a novated lease and salary packaging the running costs of the car allow you to get a tax deduction and thus the overall cost of car ownership is significantly reduced.

What about GST?

Any pre-tax deductions exclude GST as your employer can claim back the GST.

You can use our Novate One calculator to estimate your income tax and GST savings.

When you are ready speak with us on 1300 616 993 and we can tailor a proposal to your personal circumstances.

What about FBT?

Fringe Benefit Tax (FBT) is a tax imposed on non-cash benefits received by employees outside their salary regardless of kilometres travelled.  Further information can be found of the Australia Tax Office website here.

When structuring a novated lease using the Employee Contribution Method (ECM) you will offset any FBT liability and save money.

How we get the best price and discounts for you?

At One Car Group, we have an extensive network of suppliers which enables us to provide you with the best purchase price on a car, servicing, maintenance and roadside assistance.

What do I have to do to enter into a novated lease?

1. The first step is a phone consultation.  This will give you the opportunity to discuss with a consultant what car you would like and estimate running costs
2. When you decide to go ahead with a Novate One lease, we submit an application for finance along with a privacy consent, payslip and your driver’s licence
3. Running in parallel we will be looking at sourcing you a car OR you can do the shopping if you prefer
4. We contact your employer to confirm all your details.  If your employer doesn’t have an agreement with us, we will set one up
5. Once the full details of the car are known we will then be in contact to complete the documentation and submit the finance for settlement
6. When the finance has “settled” and the car is available – it’s all yours!!
7. We will post out a welcome letter and fuel cards to provide you more information to make your Novate One lease a smooth running process
8. Your employer will receive a payroll advice from us and then salary deductions will commence

Need more information – check out our Frequently Asked Questions