As a contractor, a novated lease can be a great option when it comes to getting hold of the vehicle you want without putting too much of a hole in your pay packet… As a tax employee of Ayers, we can help you get it organised.
A novated lease is quite simply a three-way agreement between you, the financier and your employer (in this case, the Ayers Group).
At the Ayers Group, we’ve partnered with Endeavour Fleet for novated lease financing which means you can enjoy great savings on the cost of a vehicle, as well as valuable, legitimate pre and post-tax benefits as you pay your novated lease.
Five quick steps to a novated lease
- You choose the vehicle,
- Ayers arranges the finance to cover the lease, insurance, and running costs eg. fuel, registration, servicing and tyres,
- Ayers takes on the lease obligations,
- Ayers recoups these costs by deducting regular, fixed amounts from your pre-tax salary (otherwise known as salary sacrificing), and
- At the end of the lease, you can decide whether you want to buy, sell or upgrade the vehicle.
The benefits to you include:
- Income tax savings – Some of your lease payment and vehicle running costs will come from your pre-tax income, which reduces your taxable income so that you may be liable for less income tax.
- GST savings – The financier claims the input tax credit on the cost of car purchase, so the amount you need to finance the car will be the car price less GST.
- Easy budgeting – All the costs of running your car (insurance, fuel, registration, servicing and tyres) are covered in regular payments that are deducted from your salary.
- Price savings – Endeavour Fleet’s dealer network can save you thousands.
- Fleet management – Endeavour Fleet’s management system takes the hassle away from you.
- Flexible – With a novated lease, the car is your personal asset so you can use it as you like and drive it as much as you please. If you switch to a new contract, your car will come with you.
- Vehicle choice – With all these savings, and the option to buy new or used, you’ll have more flexibility to choose the vehicle you want to drive.
Ready for the Road?
Ask your Ayers account manager about novated car leasing and whether it’s the best option for you. We can connect you with an Endeavour Fleet rep and together we’ll get you on the road in a novated lease vehicle.
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