Northern Stevedoring Services is helping you buy a car and at the same time pay less tax.
In fact, no GST.
You heard it here.
A novated lease is best explained as a form of car finance that has a three-way agreement between an employer, employee, and a novated lease provider explains www.money.com.au.
‘It allows an employee to finance a vehicle as part of their salary, known as salary packaging, and benefits both the employee and employer, even where the vehicle is entirely for personal use.
‘Your employer makes payments to the novated lease provider from your pre and post-tax salary, meaning that you can literally save thousands of dollars in income tax.
‘With a novated lease, you can include all the running costs of the car as well as purchasing a car without having to pay the GST. On a $50,000 car, that’s a GST saving of $4,545.’
These are the advantages Money.com.au:
- No GST payable on the car
- No GST payable on running costs
- No obligation on the part of the employer to either the vehicle or the lease
- A cost-effective way of acquiring a vehicle
- Employee income tax savings
- Fully maintained personal vehicle — including fuel, insurance, servicing, repairs, roadside assist and registration
- 100% personal use of the vehicle
- Option to de-novate and re-novate if changing employers
How much could you save using a novated lease? It varies on how many kilometres you put on the vehicle, how much it costs and how much tax you pay.
NSS Finance Manager, Darren Locke said “We’re primarily looking at vehicles and there’s some really good tax advantages at the moment, especially for EV vehicles or plugin hybridshe says.
“It’s a good time if you’re looking at a new vehicle, especially electric vehicles.
“The main reason NSS wanted to look at this was just to give employees some options, to help retain and attract good people to the business, offering some benefits outside of financial remunerations.”
Www.money.com has another tip which says, ‘to get the best novated lease deal, make sure you choose a leasing company that passes on their bulk-buying car discounts.
‘This means you will also get a discount off the regular car price and can save more money on your vehicle purchase.’
For full information on NSS’s Novated lease program, simple click here https://www.easifleet.com.au/nsspl/
