There are two big saving areas with a Novated Lease. The first is when you buy the car and the second is in the running costs.
No matter what car you buy, Novated Leasing can save you money.
There are two big saving areas with a Novated Lease. The first is when you buy the car and the second is in the running costs.
No matter what car you buy, Novated Leasing can save you money.
Hire Purchase / Mortgage | Novated Lease | |||
Vehicle Purchase | ||||
Cost of car | $33,000.00 | $33,000.00 | ||
Fleet Discount | - | ($1,650.00) | ||
GST Saving | - | ($2,850.00) | ||
Total cost of car | $33,000.00 | $28,500.00 | ||
FBT Base Value* | $5,700.00 | |||
Ongoing running costs | ||||
Lease repayments | $486.82 | 4% | $444.20 | 6.50% |
Fuel | $216.67 | $216.67 | ||
Service costs | $41.67 | $41.67 | ||
Tyres | $23.25 | $23.25 | ||
Rego | $74.25 | $74.25 | ||
Insurance | $85.18 | $85.18 | ||
$927.84 | $885.21 | |||
Pre Tax - Running costs | - | $329.74 | ||
Post Tax - Running costs | - | $475.00 | (To offset FBT Base Value) | |
GST saved on running costs | - | $80.47 | ||
GST paid on running costs | - | $43.18 | ||
Annual saving | ||||
Effect on monthly salary | $927.84 | $672.40 | $3,065.22 | |
ATO Residual Values | $8,017.05 | $8,017.05 | ||
Assumed PAYG marginal rate | 32.50% | 32.50% |
*Assumptions: Tax rate is 32.5%, the vehicle will travel approximately 20,000km’s per year,
the mortgage rate is 4% and the lease rate is 6.5% per year
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