#novated lease fbt exempt

[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

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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!

[teslainthegongyt]

Experience the Kia EV9 Air: Affordable Novated Lease & FBT Exemption

Discover the stunning Kia EV9 Air available for test drive and learn about BeCarWise exclusive novated leasing option with fringe benefit tax exemption. Get this sub-$89,000 dollar car through a hassle-free leasing process. Take a closer look at the exceptional features and performance of the EV9 Air in this video. #KiaEV9Air #AffordableLease #FBTExemption #NoWeightedLease #CarwiseLeasing…

[eziwaysalarypackaging-blog]

Salary Packaging Company Australia

Eziway is a boutique provider of Salary Packaging and Novated Lease services that specialises in FBT-exempt employers since commencing operations in 2006. We manage 254 employer clients nationally with 249 being FBT exempt. Our systems are dedicated to the faultless administration of this tax status and our dedicated service model is tailored in every case to meet the growing needs of each client. Eziway is a Salary Sacrifice Company  that manages Salary Sacrifice packages for employees from Charity PBI’s, Public Health Service, Community Support and Disability Service providers nationally.

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Novated Leasing

Novated Leasing

In Australia, a novated lease arrangement normally consists of two agreements. Firstly an agreement to lease a vehicle between an employee and the leasing company. Then there is a three way agreement between an employer, employee and leasing company, under which the employee assigns their lease payment to their employer with the consent of the employer and leasing company. The employer then makes the lease payments on behalf of the employee, and deducts them out of the employee's pre-tax income (known as salary packaging a vehicle).

How does it work?

If your employer offers Novated Leasing as a salary packaging option, you can select a vehicle that suits your lifestyle. You can choose the make and model, new or used, sedan, wagon, 4WD, etc., without any of the restrictions usually found with a traditional company fleet. You enter into a finance agreement in your own name to eventually own the vehicle.

Once this is completed, you, your employer and the finance company all sign a Novation Agreement. Your employer agrees to take on your obligations (repayments) to the finance company, and is responsible for all of the agreed vehicle expenses which are deducted from your remuneration as part of your salary packaging arrangement Autel MaxiTPMS TS601.

You agree to "salary sacrifice" a portion of your earnings in return for the benefit of a car equal to that amount. With a Novated Lease, the lease, running costs of the vehicle and Fringe Benefits Tax (FBT) are deducted from your pre-tax earnings, and PAYG income tax is calculated on your reduced salary. This can effectively increase your net disposable income as you pay less tax.

What is Fringe Benefits Tax (FBT)?

A fringe benefit is a payment provided in respect of employment autel maxisys pro ms908p, but in a different form to salary or wages. This effectively means a benefit is provided to somebody because they are an employee. The 'employee' may even be a former or future employee; and the benefit need not be directly received by the employee (e.g. school fees paid by an employer for an employee's child).

Benefits of a Novated lease to Employee

1.A Novated Lease is both cost and tax effective. Your salary packaged vehicle costs are paid from your pre-tax income. Paying with pre-tax dollars means that you enjoy a lower rate of tax on the benefit than if you were to pay for the running costs of the vehicle using after tax income.

2.Freedom to select the vehicle of your choice. This is because a salary packaged vehicle is not part of the company fleet.

3.The vehicle is yours to use 100% of the time and there are no restrictions on who can drive it.

4.Your lease and your vehicle are portable. If you change jobs, you can take them both with you and enter into another Novation Agreement with your new employer and the financier.

5.You benefit from any equity built up in the vehicle during the term of the lease. Any profit realised on the sale of the vehicle at the end of the lease is tax-free.

6.Lease repayments are fixed for the term of the lease.

7.You can select flexible lease terms from 24 to 60 months.

8.You can select flexible lease residuals, bearing in mind the Australian Tax Office (ATO) minimum residual guidelines for leases and the financier's maximum residual guidelines.

9.Under a Novated Lease, the financier applies an Input Tax Credit (ITC) to remove the GST from the amount financed. This means that your repayments will be lower as you finance a reduced, GST-exclusive amount.

10.Under a salary packaging arrangement all finance and operating costs for the vehicle are known as a "related benefit" and are GST and income tax-exempt.

Employe

Novated Leasing also offers a number of benefits for employers:

1.The ability to provide more flexible remuneration to employees at little-or-no cost to your business.

2.Significant savings of time and money compared to the administration of a company fleet.

3.Elimination of the residual-value risk of a company fleet.

4.The employer is not responsible the vehicle if an employee leaves, and is not left with vehicles surplus to requirements.

5.Vehicles provided under a Novated Lease are "off balance sheet" - neither an asset nor a liability.

6.Potential reduced employee on-costs, such as Payroll Tax and WorkCover premiums.

Types of Novated Lease

There are two main types of Novated Lease - Fully Maintained, and Non-Maintained. Some employers offer you a choice, while others offer only one, or don't offer Novated Leasing to their employees at all!

Fully Maintained Novated Lease

Under a Fully Maintained Novated Lease, all operating costs for the vehicle are included as part of your salary package.

Operating costs that can be packaged include:

- Lease rental (repayments)

- Fuel and oil

- Service and maintenance

- Registration

- Tyres

- Comprehensive insurance

- Other types of insurance - e.g. tyre & rim, gap and more

- Accident management

- Operating Costs and Fringe Benefits Tax reporting

With a Fully Maintained Novated Lease you don't have to worry about any of the operating costs of your vehicle. All the operating costs are managed on your behalf. All costs and applicable Fringe Benefits Tax (FBT) are deducted from your salary package.

Non-Maintained Novated Lease

Under a Non-Maintained Novated Lease (or Finance Only Novated Lease) you are responsible for all vehicle maintenance and running costs. Only the Lease rental, and any applicable Fringe Benefits Tax (FBT), is deducted from your salary package. You pay for the vehicle running costs as they occur out of your own pocket with after-tax dollars.

Kristen Stewart is an author for . She has written various articles on . For information visit our site

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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