#ev fbt exemption

[fingos-blog]

Unlock the Benefits of a Novated Lease for Your Electric Car

Discover the Advantages of a Novated Lease Electric Car with Fingo

Introduction: As the world transitions towards sustainable transportation, electric cars have emerged as a popular choice for environmentally conscious individuals. Fingo specializes in offering novated lease solutions for electric cars, empowering you to enjoy the benefits of driving an eco-friendly vehicle while maximizing tax savings and minimizing costs. In this blog post, we'll explore the concept of a novated lease for electric cars and why Fingo is your ideal partner for securing one.

Understanding Novated Lease Electric Cars:

A novated lease is a type of car finance arrangement that allows employees to lease a vehicle using pre-tax income, with the lease payments deducted directly from their salary. When it comes to electric cars, a novated lease offers several advantages:

Tax Savings: One of the primary benefits of a novated lease for electric cars is the potential tax savings. As the lease payments are deducted from your pre-tax income, you can lower your taxable income and reduce your overall tax liability. This can result in significant savings over the lease term.

Cost Savings: Electric cars are known for their lower operating costs compared to traditional petrol or diesel vehicles. With a novated lease, you can enjoy the cost savings associated with electric cars, including reduced fuel expenses, lower maintenance costs, and potential government incentives or rebates for electric vehicle ownership.

Environmental Benefits: By choosing an electric car through a novated lease, you're contributing to a cleaner and greener environment. Electric cars produce zero tailpipe emissions, helping reduce air pollution, greenhouse gas emissions, and dependence on fossil fuels. Driving an electric car is a sustainable choice that aligns with your commitment to environmental stewardship.

Convenience and Flexibility: With a novated lease, you have the flexibility to choose the electric car model that best suits your needs and preferences. Whether you're interested in a compact city car, a spacious SUV, or a high-performance electric vehicle, Fingo offers a wide range of options to meet your requirements. Plus, the lease payments cover all associated costs, including registration, insurance, servicing, and roadside assistance, making budgeting simple and hassle-free.

Why Choose Fingo for Your Novated Lease Electric Car?

Expert Guidance: Fingo's team of experienced finance professionals specializes in novated leasing and electric cars. We'll guide you through the process, answer your questions, and help you make informed decisions about your lease options.

Extensive Network: Fingo has partnerships with leading car dealerships and manufacturers, giving you access to a wide selection of electric car models from trusted brands. Whether you prefer a Tesla, Nissan Leaf, Hyundai Kona Electric, or any other electric vehicle, we can help you find the perfect match.

Personalized Solutions: We understand that every individual's circumstances are unique. That's why we offer personalized novated lease solutions tailored to your specific needs, budget, and lifestyle. Our goal is to provide you with a seamless and stress-free leasing experience.

Ongoing Support: Fingo is committed to providing ongoing support and assistance throughout your novated lease term. From lease setup to vehicle delivery and beyond, we're here to ensure that your experience with Fingo is smooth, transparent, and rewarding.

Conclusion: In conclusion, Fingo offers a convenient and cost-effective way to drive an electric car through a novated lease. With tax savings, environmental benefits, and personalized service, Fingo makes it easy for you to enjoy the advantages of electric vehicle ownership while saving money and reducing your carbon footprint. Contact Fingo today to learn more about our novated lease electric car options and take the first step towards a sustainable and rewarding driving experience.

Click Here For More Information : https://www.fingo.com.au/novated-lease-electric-car/

Contact Us For More Information

Phone : 1300 134 646

Email : info@fingo.com.au

Address: 10-14 cochranes road, moorabbin vic 3189

[fingofinance]

Novated Lease FBT: How It Impacts Your Car Salary Packaging

When it comes to making the most of your salary package, a Novated Lease is a popular option for employees looking to drive a new car while potentially reducing their taxable income. However, understanding how the Novated Lease FBT (Fringe Benefits Tax) works is crucial to ensure you’re maximizing your benefits while staying compliant with tax regulations.

What is a Novated Lease?

A Novated Lease is a three-way agreement between you, your employer, and a leasing company. Essentially, your employer deducts car-related costs, such as lease payments, fuel, maintenance, and insurance, from your pre-tax salary. This arrangement can significantly reduce your taxable income, making it a financially attractive option for many.

What is Fringe Benefits Tax (FBT)?

FBT is a tax employers pay on benefits provided to employees or their associates, such as a company car. For those using a Novated Lease, FBT comes into play as the car is considered a fringe benefit. Understanding how FBT applies to your lease is essential for accurately calculating the overall cost and potential savings.

How Does Novated Lease FBT Work?

When you enter into a Novated Lease, the taxable value of the car—based on factors such as its purchase price and the distance traveled—determines the FBT liability. Employers typically offset this tax by passing it on to employees through salary deductions. This ensures the benefit of the lease is not entirely tax-free, but it can still offer significant savings compared to traditional car ownership.

The Benefits of a Novated Lease Despite FBT

While the inclusion of FBT might seem like a drawback, Novated Lease FBT still offers notable advantages:

Reduced Taxable Income: By packaging your car costs into your pre-tax salary, you lower your taxable income, potentially reducing the overall tax you pay.

Convenience: Bundling expenses like fuel, insurance, and servicing into a single payment simplifies your finances.

Cost Savings: Discounts on vehicle purchase prices and running costs are often available through fleet discounts negotiated by leasing companies.

Using a Novated Lease Calculator

One of the best ways to understand the financial implications of a Novated Lease and FBT is by using a novated lease calculator. These tools allow you to input details such as:

Your salary

The cost of the car

Expected annual mileage

Lease duration

The calculator provides a clear picture of your take-home pay after accounting for lease payments, FBT, and potential tax savings. This transparency helps you make an informed decision before committing to a lease agreement.

Testimonials: Real Stories from Novated Lease Users

"Switching to a Novated Lease was a game-changer for me. Even with the FBT considerations, my monthly car expenses dropped, and managing everything through salary packaging made life so much easier!" – Sarah M., Marketing Manager.

"Using a novated lease calculator helped me see the exact savings I’d get. It’s been a smooth experience, and I’m thrilled with my new car and the tax benefits!" – James R., IT Consultant.

FAQs About Novated Lease FBT

1. Does FBT make a Novated Lease less beneficial?

Not necessarily. While FBT is an added cost, the overall tax savings from salary packaging often outweigh the FBT liability, especially when using tools like a novated lease calculator to estimate your savings.

2. Can I avoid FBT altogether with a Novated Lease?

Some vehicles, such as electric vehicles (EVs) under certain conditions, may qualify for FBT exemptions or reductions. Always check current government policies or consult a tax professional for guidance.

3. What happens if I leave my job during the lease term?

If you leave your job, the lease can be transferred to a new employer, or you may need to take over the lease payments independently. It’s important to understand this clause in your lease agreement.

Conclusion

A Novated Lease can be a powerful tool for reducing your taxable income and enjoying the convenience of a new car. While Novated Lease FBT is a factor to consider, the benefits often outweigh the costs for many employees. By using resources like a novated lease calculator, you can gain a clearer understanding of the potential savings and make an informed decision tailored to your financial situation.

Salary packaging your car through a Novated Lease isn’t just about driving a new vehicle—it’s about driving smarter, saving tax, and simplifying your expenses. Explore your options and consult with your employer or a leasing specialist to ensure this financial strategy works for you!

[fleetcare]

What’s required to transition to electric vehicles?

Adding an electric vehicle (or two) to your fleet five years ago was easy. All you needed to do was purchase the vehicle and arrange for the installation of one charging station. For most organisations it was only a trial and no one was thinking about how to transition their entire fleet.

In 2023, the world has changed. Government agencies and publicly listed companies are in the spotlight for the emissions they generate, and transport is one of the major contributors to CO2. Fleet Managers can still trial EVs, though it needs to be part of a plan to transition the entire fleet to zero emission vehicles within five or ten years.

When purchasing twenty or more electric vehicles for various applications with the charging infrastructure to support to them, it will stretch the capability and capacity of the team responsible for running the traditional Internal Combustion Engine (ICE) fleet. The fleet team will need to update their skills and knowledge and adapt to a new era of fleet management.

Where to start?

If you’re in the fleet team and feeling overwhelmed by an impending EV transition, the best place to start is with drivers and leaders within your business that are EV enthusiasts. These internal champions will be happy to join the project and work through the challenges. They’ll see the issues as opportunities and encourage other staff to get involved.

You can also lean on suppliers and business partners for tips and advice. Every fleet that has started the transition to electric vehicles has made mistakes and most are happy to share what they have learnt to help other organisations through the transition.

Don’t underestimate the challenge

Converting a fleet to zero or low emissions vehicles (ZLEV) is a massive project that will touch all parts of the business requiring several hard conversations about capital and operational budgets, fleet optimisation and sustainability targets.

With the replacement of an ICE vehicle, the fleet team will decide on the vehicle, confirm the requirements with operations and raise a purchase order for an established supplier. Once the vehicle is delivered, a fuel card is issued and that’s it for another five years.

Starting an EV transition reverses this process and may paralyse some organisations as the number of stakeholders being consulted grows with each new step.

Here’s some of helpful steps to purchase your first electric vehicle:

Develop a sustainability plan that includes a target to reduce fleet emissions.

Conduct an analysis of your fleet to identify which vehicles can be replaced with electric vehicles.

Decide on a process for charging vehicles: Onsite at the workplace; Journey — charging on the go using a network similar to a fuel card’s at the workplace; At the employee’s home.

Update fleet policies to reflect the new sustainability plan to include things like: When and how to charge the vehicle; The impacts of the FBT exemption and information on Reportable FBT; Eco driving tips and how to use regenerative braking.

Communicate the sustainability plan and new fleet policy to all staff.

Implement staff education and EV awareness programs.

Place the order for the new electric vehicle.

Not everyone is ready

Developing a transition plan doesn’t require you to purchase electric vehicles in 2023. It’s a starting point that can be adapted and updated to suit the needs of the organisation and changes in technology.

After conducting some initial investigations and analysis, the plan might involve purchasing hybrids or reducing the fleet size. It might involve installing solar panels on buildings to support onsite EV charging in five years. For fleets with light commercials and trucks, there may be no viable options available in the market, so the plan is to sit tight for a few years.

Unless the organisation wants to be an early adopter with zero emission vehicles, a plan may be all a Fleet Manager needs at this early stage of the EV transition.

[cars4starters]

BMW expands number of EVs BMW Australia has announced details of three new EV variants due to arrive here by early 2024. The three additions are the i4 eDrive35, iX3 M Sport and iX1 eDrive20. All three will be priced below $89,332, exempting them from both Luxury Car Tax (LCT) for fuel efficient vehicles and Fringe Benefits Tax (FBT) for fleet operators. The BMW i4 eDrive35 and iX3 M Sport will arrive at the end of 2023 followed by the iX1 eDrive20 in the first […] https://cars4starters.com.au/bmw-expands-number-of-evs/?feed_id=26655&_unique_id=64fe5a6d68b89

[suchananewsblog]

The fringe benefits tax exemption for electric cars explained

The Australian Taxation Office (ATO) has issued steerage on calculate charging prices underneath the federal fringe benefits tax (FBT) exemption scheme, accessible on many electric automobiles (EVs). The Draft Practical Compliance Guideline was issued on March 31, with a remark interval set to shut on May 26. The ATO has not given an anticipated completion date for the ultimate model,…

[fingofinance]

Novated Leasing Electric Vehicle: Future-Proof Your Driving with Great Tax Savings

In a world rapidly shifting towards sustainability, Novated Leasing Electric Vehicle options are becoming increasingly popular. These arrangements not only align with eco-friendly goals but also present significant financial benefits for employees and employers alike. Let’s dive into why this leasing option is a game-changer for both your wallet and the planet.

What is Novated Leasing?

Novated Lease is a three-way agreement between an employee, their employer, and a leasing company. This arrangement allows employees to lease a vehicle using pre-tax income, reducing their taxable salary and ultimately saving money. Employers handle the payments through salary deductions, making it a seamless process for both parties.

When applied to electric vehicles (EVs), novated leasing becomes even more appealing due to the unique advantages these cars offer.

Why Choose a Novated Leasing Electric Vehicle?

Switching to an electric vehicle under a novated lease offers a range of benefits that cater to modern lifestyles and sustainability efforts:

1. Cost Savings Through Tax Benefits

A Novated Lease Calculator can demonstrate the potential tax savings from leasing an EV. These savings stem from reducing your taxable income and taking advantage of Fringe Benefits Tax (FBT) exemptions that many electric vehicles qualify for. This makes EVs a financially smart choice.

2. Environmental Benefits

Electric vehicles contribute significantly to reducing greenhouse gas emissions. By choosing an EV through novated leasing, you’re not just saving money—you’re making a meaningful contribution to a healthier planet.

3. Lower Running Costs

Electric vehicles are known for their lower operating expenses compared to petrol or diesel cars. From reduced fuel costs to fewer maintenance needs, the overall expense of running an EV is significantly lower.

4. Access to the Latest EV Models

With a novated lease, upgrading to the latest EV model every few years is easier. This means you’ll always have access to cutting-edge technology and improved range capabilities without worrying about depreciation.

5. Simplified Budgeting

A novated lease bundles costs like registration, insurance, and maintenance into one manageable payment. This makes it easier to keep track of your expenses and avoid unexpected bills.

How Does a Novated Lease Calculator Help?

Understanding the financial benefits of a Novated Lease is crucial, and that’s where a Novated Lease Calculator comes in. This tool allows you to:

Estimate your potential tax savings

Compare the costs of leasing different EV models

Determine the overall affordability of a novated lease

Using a calculator ensures you make an informed decision tailored to your budget and lifestyle.

Testimonials: Real Stories from Novated Lease Users

"Switching to an EV through a novated lease was the best decision I’ve made! The tax savings were incredible, and I love the convenience of having everything bundled into one payment. Plus, driving an EV feels great knowing I’m reducing my carbon footprint."

— Sarah J., Sydney

"The Novated Lease Calculator was a game-changer for me. It showed me exactly how much I’d save, and it helped me choose the perfect EV for my needs. The process was straightforward, and I couldn’t be happier with my decision.”

— Michael T., Melbourne

The Role of Employers in Novated Leasing

Employers also stand to benefit from supporting novated leases for electric vehicles. Offering such arrangements can:

Attract and retain top talent by providing desirable benefits

Demonstrate a commitment to sustainability

Enhance the company’s green credentials

By facilitating novated leases, employers can create a win-win situation for themselves and their employees.

Key Considerations for Novated Leasing Electric Vehicles

While the advantages are clear, there are some important factors to keep in mind:

Eligibility: Check if your employer offers novated leasing and confirm which EV models qualify for FBT exemptions.

Residual Value: At the end of the lease term, you may have the option to purchase the vehicle by paying its residual value. Ensure this aligns with your financial goals.

Usage Requirements: Understand any mileage limits or usage restrictions associated with the lease.

The Future of Driving is Electric

As governments and industries worldwide push for sustainable transportation, electric vehicles are becoming the norm. By opting for a Novated Leasing Electric Vehicle, you’re not just future-proofing your driving but also taking a significant step towards a greener, more cost-effective lifestyle.

Whether you’re an employee looking to maximize your income or an employer aiming to boost workplace benefits, novated leasing makes EVs accessible and affordable. Use a Novated Lease Calculator to explore your options today and join the movement towards sustainable driving.

[fingos-blog]

EV FBT Exemption: How to Save Big on Your Electric Vehicle Today!

The transition to electric vehicles (EVs) has become a smart and sustainable choice for individuals and businesses alike. If you're considering making the switch, there's great news! The EV FBT Exemption (Fringe Benefits Tax Exemption) can help you save big while driving a greener car. This guide will explore how the exemption works, how it benefits you, and how Car Finance Solutions like novated leasing make it easier than ever to own an electric vehicle.

What Is EV FBT Exemption?

The EV FBT Exemption is a government initiative aimed at encouraging the use of electric vehicles. It exempts eligible EVs from fringe benefits tax, which employers typically pay for providing cars to their employees for private use.

This exemption means lower costs for employers and employees, making EVs more accessible and affordable. It applies to:

Battery electric vehicles (BEVs)

Plug-in hybrid electric vehicles (PHEVs)

Hydrogen fuel cell vehicles (FCEVs)

Eligibility Note: The exemption only applies to EVs with a purchase price below the luxury car tax threshold for fuel-efficient vehicles.

Why Choose EV FBT Exemption?

1. Significant Cost Savings

By eliminating fringe benefits tax on eligible EVs, you can save thousands of dollars annually. This makes owning an EV much more affordable for both employers and employees.

2. Reduced Environmental Impact

Switching to an EV not only saves money but also helps reduce your carbon footprint, contributing to a cleaner, greener environment.

3. Employer and Employee Benefits

Employers can offer a valuable benefit to employees at a reduced cost, boosting workplace satisfaction and retention. Employees enjoy tax savings while driving a state-of-the-art EV.

How Car Finance Solutions Simplify the Process

Car finance solutions like novated leasing streamline the process of owning an electric vehicle. Here’s how:

Tax-Effective Salary Packaging: With a novated lease, your EV payments are deducted pre-tax, reducing your taxable income.

All-Inclusive Payments: Maintenance, insurance, and registration can all be bundled into one convenient payment.

No Upfront Costs: Drive your EV sooner without the need for a large upfront payment.

By combining the EV FBT Exemption with a novated lease, you can maximize savings and enjoy a hassle-free EV ownership experience.

How to Get Started with EV FBT Exemption

1. Choose an Eligible EV

Research models that qualify for the exemption and fit your needs.

2. Consult with Experts

Contact us at Fingo for personalized guidance on EV financing and leasing options.

3. Set Up a Novated Lease

Our team will help you structure a novated lease tailored to your financial goals.

Contact Us for Car Finance Solutions

Ready to save big on your electric vehicle? Reach out to us today!

Call: 1300 134 646

Mail: info@fingo.com.au

Let Fingo make your journey to owning an electric vehicle effortless and cost-effective.

Drive smarter. Save bigger. Go electric with Fingo.

[fingos-blog]

Charge Up Your Savings: Why Novated Leases are Perfect for Electric Cars.

The electric car revolution is upon us! These eco-friendly vehicles offer a cleaner, quieter way to drive, but the initial cost can be a hurdle. However, there's a solution: novated leasing. This innovative salary packaging option can significantly reduce the financial burden of acquiring an electric car, making the switch to sustainable driving more accessible than ever.

What is a Novated Lease?

A novated lease is a salary packaging arrangement that allows you to pay for a new or used car with pre-tax salary. This reduces your taxable income, leading to potential tax savings. Beyond the car itself, novated leases can also cover essential running costs like fuel (for traditional vehicles!), insurance, servicing, and even registration. It's a convenient all-in-one package that simplifies your budget.

Why is a Novated Lease Ideal for Electric Cars?

Several factors make novated leases particularly attractive for electric car ownership:

Tax Time Triumph: Since novated lease electric car payments come out of pre-tax income, they significantly lower your taxable income. These tax savings can help offset the initial cost difference between an electric car and a traditional gasoline-powered vehicle.

Government Green Light: Many governments offer additional incentives for purchasing electric cars, including tax rebates, reduced registration fees, and exemptions from fringe benefit tax (FBT) – a tax levied on certain employee benefits. A novated lease structure can maximize the benefits of these incentives, making electric cars even more affordable.

Long-Term Cost Advantage: While the upfront cost of an electric car might be higher, EVs boast significantly lower running costs compared to gasoline-powered vehicles. Factor in potential savings on fuel and maintenance, and the long-term financial benefits become even more attractive with a novated lease.

Finding the Perfect Novated Lease Partner for Your Electric Car:

Not all novated lease providers are equally familiar with the world of EVs. When seeking a novated lease for your electric car, choose a company that:

Embraces the EV Revolution: Opt for a provider with experience in structuring novated lease deals specifically for electric vehicles.

Offers Competitive Rates: Shop around and compare interest rates and fees from various providers to ensure you're getting the best possible deal.

Connects You to Charging Solutions: Some novated lease providers offer partnerships with charging networks, making it easier to manage your EV charging needs and maximize convenience.

Drive Green, Save Green:

A novated lease can be a game-changer for those considering an electric car. By minimizing your tax burden and offering a convenient way to manage running costs, novated leases can make the transition to electric mobility smoother and more financially attractive. So, if you're ready to join the EV revolution and save money while doing it, explore the benefits of novated leases and pave the way for a greener and more affordable driving experience.

Visit - https://www.fingo.com.au/novated-lease-electric-car/

Contact US - Phone - 1300134646 Mail ID - info@fingo.com.au Timings - 9:00AM - 5:00PM