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Novated Car Leasing Brisbane
Hey, Brisbane! Do we have some cracking news for you. If you want a shiny brand new ride, today is the day to make it happen. With a novated lease, you can get new wheels, without having to part with loads of cash in the process.
At Clear Lease, we arrange transparent novated leases where the customer is always in the drivers seat. Read on to find out more about car leasing in Brisbane and learn how you can novated lease a brand new car today.
Benefits of Novated Leasing
Before we look into the incredible benefits of novated leasing, let’s define it. In simple terms, a novated lease is a way of leasing a car directly through your salary packaging. A fixed payment is taken out of your regular pay cycle, which covers the cost of the vehicle and typically a large portion of the running and maintenance costs – all taken out of your pre-tax salary.
The ATO outlines the residual amount due at the end of the lease and you’ll have the option to pay out the residual to own the car at the end of the lease term. You can also refinance the residual or re-establish your existing lease for an additional term. Whatever you choose to do, you can be sure Clear Lease will help you find the best possible deal for you.
One of the biggest benefits of novated leasing comes from the fact that the repayments are deducted from your pre-tax salary. As a result, your taxable income will be lower, leaving more money in your pocket and less for the tax man! You also don’t have to pay GST on a novated lease vehicle, which is another huge saving.
Since everything is managed by your employer, there’s no need to panic about late or missed payments. Simply kick back in your new car and enjoy cruising around Brisbane – for business or pleasure!
Here’s a summary of the benefits of a novated lease:
- You don’t have to pay GST on the purchase price of the vehicle.
- There are a range of finance options to match your lifestyle and salary.
- All expenses can be covered in one easy payment from your pre-tax pay.
- Fuel, maintenance and insurance is discounted. We have negotiated discounted services thanks to the number of vehicles that we manage.
- Reduces your taxable income, keeping more money in your pocket.
- No need to put down a deposit.
Drive your dream car without owning it
When it comes to a novated lease, ownership responsibilities are split across the three parties, you, your employer and Clear Lease. The agreement is customised to suit your needs so each contract can be slightly different but the majority of terms will remain the same. The important thing to know is you will maintain possession of the car and you’ll be the one responsible for upkeep and ensuring the vehicle is kept in good order.
As a part of this, the rego and insurance is in your name also. Until the conclusion of the novated contract, the vehicle ownership is held by the finance company. When the lease term comes to an end, there are a number of options available to you. If you’re happy with the car and want to take full ownership you can choose to pay out the ATO residual payment that’s due at the end of the lease term. We can arrange to refinance the residual into a regular car loan also known as a chattel mortgage where you will have a standard car loan with the bank but you will own the vehicle. Alternatively you can trade in the car and upgrade and renew your novated lease agreement.
Comparing novated lease costs
Not all finance leases are the same, so let’s look at some of the benefits you can expect if you take out one of our Brisbane car leasing agreements.
The regular payment associated with your lease will be dictated by a few different factors. These include the price of the vehicle, the length of the lease, and your estimated kilometres. You’ll also have the option to include additional maintenance expenses and insurance premiums in your lease.
Whatever you choose to do, you can be sure that every cost will be made extremely transparent. You can rest easy knowing that you’ll be getting the best possible deal to drive your new car.
Servicing & Roadside Assistance
If your Brisbane finance lease includes servicing, repairs, and roadside assistance as part of the repayment, then you will have access to all of these services throughout your lease term.
Novated lease agreements that feature these benefits usually always work out to be the most cost-effective option. Plus, you’ll have the reassurance of 24-hour assistance and you’ll know the lease car will be kept roadworthy throughout the lease term.
However, we understand that not everyone will want everything included in their contract, which is why we offer a non-maintained novated lease alongside our fully maintained options. With a non-maintained lease, you will have to take care of insurance and maintenance costs through their post-tax salary.
Fees and Charges
Clear Lease typically includes a small management fee in the monthly lease payments. However, these costs will be made fully transparent before you commit to anything and you’ll never get stung by unexpected charges.
It’s essential that our customers are in the drivers seat when it comes to deciding what coverage they have in their novated lease plan. Here are some of the running costs that can be included:
- Car registration
- Insurance premiums
- Fuel costs
- Servicing & maintenance
- Regular car washing
Being able to reduce taxable income is the major attraction of a novated agreement, alongside being able to drive the vehicle of your choice without overstretching your budget. Brisbane employers will pay for the car lease out of an employee’s pre-tax salary each month, and for convenience, this fee can also include all running costs. If you want to reduce your tax and save money, a novated lease is a smart way to get into your new wheels.
Buying the vehicle you have been leasing at the end of your loan term can be a sensible option for most Brisbane employees. All you have to do is pay out the ATO residual at the end of the term for ownership to transfer over to you. The key benefit is you end up owning a reliable vehicle you already love driving.
The monthly payments for a finance lease on a $40 000 vehicle in Brisbane will depend on a number of factors. Lease term, options included, ATO balloon amount and the anticipated kilometres you expect to drive are just a few things our team consider when calculating your quote. Speak to one of our knowledgeable Brisbane team to get an estimate for our various lease agreements or use our accurate lease calculator.
In Brisbane, a novated lease is a great way to get a new car without spending a load of cash. You’ll also have the option to pay off the residual amount outlined by the ATO at the end of the lease if you’d like to own the vehicle. Plus, there’s no deposit required and all vehicle costs are budgeted into the repayment costs. Couple that with the fact that you don’t pay GST on the purchase price of the car, already from the outset you’re thousands of dollars ahead of those who purchase a car through other means.
Novated leasing isn’t just beneficial to employees. In fact, employers can get just as much out of setting up a novated lease scheme. Here are some of the benefits employers can expect:
- Remove work vehicles from your balance sheet.
- Your staff can choose from a range of insurance, maintenance, and servicing expenses to be included in their monthly repayments. As a result, these are costs that you won’t have to cover
- If an employee leaves you won’t be left with a car you no longer need
- Higher staff satisfaction and retention
- You can negotiate with your staff to brand the vehicle with your logos, without the risks of owning a whole fleet