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We hope that you have found both our Novated Lease Calculator and information on each aspect of the calculator helpful. In the hustle bustle, finding the time for things like shopping around for that new car you want can easily get pushed to the bottom of your list.
Example – Mary drives 15,000kms per year and is about to start a 5 year lease. In our Novated Lease calculator we use $2.25 for the fuel cost because we have clients in parts of Australia where fuel is consistently at this price level. Note that the calculations include a provision for fringe benefits tax , which has been calculated by using the statutory formula method .
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GOOD NEWS – Because there is a residual value at the end, your repayments are cheaper during the lease term. Most people use these cheap finance payments to get into a more expensive car. Novated Leasing for most people is difficult to understand. A Novated Lease calculator needs to have easy to use fields to complete personal information that can produce the quote. In our Novated Lease calculator we use $1.50 for the fuel cost because we have clients in parts of Australia where fuel is consistently at this price level. In our Novated Lease calculator we use $500 as a miscilanious for the fuel cost because we have clients in parts of Australia where fuel is consistently at this price level.
Member Advantage have teamed up with Vehicle Solutions to offer a more competitive, efficient and simplified process. Take the next step and obtain a pre-approval on your lease. The Pre-approval is free and without any obligations. If your Employer provides you with a Vehicle Allowance, enter the amount here and the Calculator will tell you if you are above or below the Vehicle Allowance. These are just indicative figures to let you see how it all works.
Calculate your savings on a Novated Lease
In our Novated Lease calculator we have set a preset budget estimate depending on the vehicle type (small hatch, large, 4×4…) you choose. In our Novated Lease calculator we research an average cost for each of the vehicle categories we use. We simple apply this cost to an average tyre change time period and the budget is set. To get a pre-approval started, contact our team today. The pre-approved will provide you with an approval in principle on the vehicle you choose.
Added to this the employer will also pass on an additional $386 in GST savings automatically in the payroll calculation. Select the type of vehicle you like, enter your salary, estimated annual kilometres, and preferred lease term, and see estimated costs and savings to help you find your ideal choice. As your novated lease payment comes from the pre-tax money you get some tax advantage in your take home pay. It is however deemed a salary benefit or 'fringe benefit' by the tax office.
What are the benefits of a Novated Lease?
This is often very clearly stated in a novated leasing quote, however worth asking if you can’t see it. If you are worried, a good exercise is just to call the company’s support line. If they answer and are helpful, they are worth every penny. If they aren’t that good, irrelevant if they have a cheap fee they might not be worth your while. The finance is on a standard novated lease calculation with a few small variations.
We allow an allocation of $500 per year on home charging and an additional $250 for public pay charging stations. Simply provide proof of the home allocation and receipts for pubic charge costs. The first thing we would say with this then is, try not to overthink it. These are some of the variables which will impact your novated leasing calculation.
Select your vehicle
When looking at any Novated Lease calculator it is important to understand what is included and importantly what is not included. It is very important to understand what is in each of the running cost budgets and how they are calculated. Use our calculator to find out how much you could be saving. While this is an independent budget usually as part of your running costs it is directly linked to expected kms. It is good to discuss these variables in detail with your leading consultant to try and get the quote as accurate as you can.
Annual savings have been calculated by comparing the total cost to run the selected vehicle from after tax pay compared to a salary packaging arrangement. Vehicle type (this effects the vehicle running costs, eg. 4×4 uses more fuel than a small hatch); annual km’s you will travel . Your car running costs can be covered with just one easy payment every pay cycle. However EV’s in general require less serving so we have set an allocation of $350 per year.
The first years Comprehensive Car Insurance can be financed if required. This means that you never have to come up with the cash for your insurance. When the insurance fall due again in 12 months simple send in the renewal and the Salary Packaging provider can pay this out of the funds in your Novated Lease account.
We hope that you have found both our EV Novated Lease Calculator and information on each aspect of the calculator helpful. You’ll obtain high quality service every time, from a specialist who’s committed to your satisfaction, and who’s completely familiar with your needs. Instead of speaking with a different person each time, you’ll be assigned a personal client manager, who’ll look after every aspect of your contract.
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