To help put you in the driver’s seat for savings, consider two futures in your new car: one that uses a LeasePLUS novated car lease, and one that sees you pay all vehicle costs in after tax income.

Let us make the following assumptions about your current situation:

  • Your annual salary is $65,000 with no other salary packaging items.
  • You travel 20,000 kms each year.
  • Your vehicle costs $36,700 (inclusive of gst).

Vehicle cost (all rates inclusive of GST)

Finance $7,939 / year
Insurance $1,320 / year
Registration $800 / year
Fuel $3,432 / year Car averages 12L / 100km at an average cost of $1.30 / L
Maintenance $1,100 / year
Total cost $14,591 / year


With these parameters in place, consider your two options:

With LeasePLUS novated car leasing, your adjusted take home salary is as follows:

Gross salary $65,000
Pre tax deduction $7,580
PAYG tax $11,908
Net pay $45,511
Post tax $7,011
Net take home income $38,500 (with LeasePLUS)
Note: Due to their input tax status, your employer is able to claim 100% GST Input Tax Credits which should be passed on to you in full.


Without LeasePLUS novated car leasing, your adjusted take home salary is as follows:

Gross salary $65,000
PAYG tax $14,404
Net pay $50,596
Expenses $14,591
Net take home income $36,004 (without LeasePLUS)
Through this simple exercise and using these average parameters, your future with LeasePLUS is looking healthy.

Using these scenarios, you should save up to $2,496 / year or $9,984 over the life of the lease.

Whether saved, invested, or paying for the family’s annual holiday, let LeasePLUS help you get ahead!


Assumptions:

Based on the Gross Taxable Wage excluding:
  • employee pre-tax superannuation contributions
  • other salary packaging benefits provided by the Employer
  • HELP (HECS) liability of the employee
  • Employee is not paying Medicare levy surcharge

Cost of Motor Vehicle demonstrated is based on:
  • $36,700 Capital Value (Includes Stamp Duty + GST + On-Road Costs)
  • The exclusive GST price would be $33,363 (GST saving of $3,336) by employee. This benefit is only available if employee enters into a Novated Lease with their employer

Maintenance and running costs:
  • Based on the car selection family size vehicle
  • Averaged costs include fuel, tyre replacements, registration and insurance renewals and service costs.

The term of the lease:
  • Will determine the finance payment and Residual Value (Balloon figure). The 4 year term has been selected in this calculation with a residual value of 37.50%

Comparison results of present and future savings:
  • With a novated lease in place, savings of $2496/year or $9,984 over the life of the lease plus $3,336 (GST on original purchase price).
    This represents future additional savings of $13,320

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