With the Electric Car Discount Bill eliminating Fringe Benefits Tax (FBT), now is an ideal time to novate lease an eco-friendly vehicle. Novated leasing provides an effective means of funding vehicles, comprehensive insurance and operating expenses while lowering your taxable income.
As well as helping you quickly secure the vehicle of your dreams, renting can also help speed up the search process for your ideal EV. Let us assist you in finding your perfect ride today.
Save on fuel costs
Are you searching for ways to reduce your petrol costs? An electric vehicle (EV) might be just what you need. With lower running costs than traditional internal combustion engine vehicles and potential savings of around $10 per 100km compared to their conventional counterpart, an EV may offer significant cost-cutting potential. Plus, with solar systems or Fully Managed Novated-EV novated lease electric vehicle agreements, you could increase your savings even more dramatically!
The Australian Government’s Electric Car Discount Policy offers FBT exemption for EVs and plug-in hybrid electric vehicles under novated leasing arrangements, meaning lease and running costs such as electricity, registration, insurance, servicing, tyres etc., are taken out of your pre-tax salary before being taxed at marginal rates resulting in substantial income tax and GST savings for you and your employer.
Electric vehicles (EVs) typically come equipped with their own home charging port; however, you may sometimes require commercial charging stations for urgent or long-distance driving needs. Since EVs don’t use petrol like classic cars, you can claim back any costs associated with public charging stations on a novated lease agreement.
Novated leasing provides multiple advantages, but one key benefit is deducting lease payments and running costs from your pre-tax income before they’re subject to taxation. Combined with FBT exemption and GST relief, this could translate to significant tax and cash flow savings for you.
Get on the road sooner.
Leasing may be the way forward if you are considering purchasing a hybrid or electric vehicle. Novated-EV novated lease electric vehicle allows you to get on the road sooner without GST payments or having to save up upfront; instead, payments are taken directly out of pre-tax salary through the leasing company and deducted automatically every pay cycle from payroll.
With government incentives now available, now is an ideal time to switch to an EV. Novated lease options make this a more cost-effective option for purchasing and owning one!
Save on maintenance
Novated-EV novated lease electric vehicle offers an ideal way to go green! Not only can you save before-tax savings on running costs like electricity, mileage, service and maintenance, rego/CTP (NSW) fees and insurance but with recent changes, including no FBT on eligible EVs/PHEVs through novated leasing arrangements making a green living even more accessible!
An added benefit of novated leasing is saving on GST. Your payments come directly from pre-tax salary, lowering taxable income and GST liability. For instance, if your electric vehicle’s monthly lease and running costs were $1,000 before compensation began, PAYG costs would likely total around $1.625 each month, saving approximately $350.
Electric vehicles (EVs and PHEVs) have become an increasingly popular option across Australia. As demand increases, manufacturers’ production lines respond by offering more options in the marketplace to satisfy consumer needs.
Get a vehicle that’s right for you.
Electric vehicles (EVs) require less maintenance than their petrol-powered counterparts due to fewer moving parts and no complex exhaust systems that deteriorate with age and require constant repairs; however, their tyres still require replacement over time – but when leasing, you won’t have to worry about out-of-pocket expenses for servicing or tyre replacement costs as these costs are covered as part of your lease payments and won’t surprise you later on!
Tax benefits have driven Australians’ interest in electric vehicles (EVs), particularly novated lease agreements, towards purchasing an EV. So if you’ve been thinking about going green but have put off making your purchase decision yet, consider reaching out today so we can discuss the advantages of an EV novated lease and get you out on the road faster while helping reduce expenses over time!