Cut down on your vehicle expenses
Salary packaging a vehicle under a novated lease arrangement provides some great savings. You could save on not only tax, but also running costs and maintenance.
Save on tax
When you take out a novated lease on a car, you make the lease repayments and pay for the running costs with a combination of pre and post-tax dollars. This could reduce the amount of tax you pay later.
In addition, if you choose to lease a new car, you don't pay GST on the purchase price. So you save 10 per cent instantly.
Save on running costs
The cost to keep your car on the road can add up. With a novated lease, you could pay for the cost of things like fuel, tyres, maintenance and insurance with money from a combination of your pre and post-tax pay - and save.
Your running costs are broken down into manageable monthly installments, rather than large lump sums. This means you won't have to find funds to pay for large bills like insurance and registration throughout the year.
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