Are you considering offering a Novated Lease benefit to your employees but have some concerns and questions? Look no further. At Positive Salary Packaging, we understand that navigating the world of EV Novated Leasing can be overwhelming, and we’re here to debunk any fears and myths you may have as an employer.
A Novated Lease is a type of vehicle lease that allows an employee to lease a vehicle for personal use and have the lease payments made by their employer from their pre-tax income. This type of arrangement can save employees thousands of dollars every year. But, did you know that it can also benefit employers in many ways?
Here are just a few of the many benefits of Novated Leases for employers:
- Attract better staff by offering the ability to package and save them money.
- Effectively increase employee salaries with no additional salary costs to the company.
- Reward the hard work of your employees with minimal effort on the part of the company.
- Aid in staff retention – reducing training costs due to staff turnover.
- No need for the company to purchase a car for the employee, the employee can use their own car for work travel and claim the expenses.
- Increase overall enjoyment and engagement of your employee in their jobs, because there is nothing like owning a nice, new car and knowing you are saving money at the same time.
- At Positive, we handle all the paperwork and tax reporting, making the process seamless for both employer and employee. And if an employee leaves their current employment, the lease won’t be affected, and neither will your business.
- Don’t let fears and misconceptions prevent you from exploring the benefits of Novated Leases for your company. Contact Positive Salary Packaging today to learn more about how we can help you take advantage of this valuable asset.
Comparing Novated Leasing Companies
A Novated Lease is a great way for employees to save money on their car expenses by claiming it as a tax exemption through a salary sacrifice arrangement. However, not all Novated Lease companies are created equal. To ensure you’re getting the best deal possible, it’s important to do your research and choose a trustworthy provider.
At Positive Salary Packaging, we pride ourselves on providing honest and transparent Novated Lease consulting services. To help you in your search, we’ve compiled a checklist of important factors to consider when choosing a Novated Lease company:
- Does the company have access to multiple financiers to ensure you get the best possible deal?
- Does the company give you a quote without understanding your specific circumstances?
- Is the interest rate offered upfront and reasonable?
- Can the company also provide a quote for a secured car loan for easy comparison?
- Is there an option to arrange your own comprehensive insurance?
- Have the consultants you’re dealing with actually purchased a new car before?
- Can you deal with a local dealer?
- Can the company arrange a test drive for you?
- Can the company assist with trading in your current car?
It’s important to remember that a real consultant will take the time to tailor a Novated Lease to suit your needs and maximise your benefit, whereas a salesperson may try to sell you what makes them and their company the most profit. Don’t be afraid to ask questions and make sure you’re getting the best deal possible. Positive Salary Packaging Australia, we’re happy to help you through every step of the process and help not just get a great deal but the right deal for you.