Drive more value with an Oly novated lease
Learn how much tax you could save on your dream car.
Oly shows Drive TV the way to Driving Value with a novated lease
With the cost-of-living revving to all-time highs, getting the most bang for your buck behind the wheel is more important than ever.
In Drive TV’s Driving Value, Oly’s Head of Customer Experience, Bonnie, reveals how a novated lease could cut upfront costs and could help save you thousands in tax on almost any car.
Check out the highlights below and discover the express route to driving value on your next car with an Oly novated lease.
Ep 1. New, old, big, small – novated lease them all
Oly slams the brakes on the ‘new cars only’ myth. New, used, SUV, ute, electric, petrol – you name it. If all boxes are ticked… you could novate lease it! Watch now and learn how you could save tax on almost any type or model with an Oly novated lease.
2:40 watch
Ep 2. Oly’s the key to novated leasing for more Aussies
Oly flings the novated leasing doors open for the millions of people working at small and medium businesses. Check it out to learn how you could score the tax savings without the corporate badge.
TBC
Coming Soon
Ep 3. Low-stress car finance for high-cost times
Cost-of-living is up – but so are your options as used-car listings soar. After a pre-loved model? Oly explains how novated leasing could ease the squeeze in high-cost times.
TBC
Coming soon
Ep 4. A $60k EV for the same payments as a $40k petrol car?
Bonnie breaks down the government’s EV Discount to show how novated leasing an electric car could help you get into a $60K EV for the same payments as a $40K petrol car. Check it out now and learn how to really drive value on an EV.
TBC
Coming soon
How much could you save with an Oly novated lease?
Novated lease calculator
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Finance lowdown
How much tax could I save with a novated lease?+
Weekly cost
Fortnightly cost
Monthly cost
+ Estimated tax savings is the amount you could save if you salary package the car and pay for the lease payments and operating costs with pre-tax salary or a combination of pre-tax and post-tax salary, as compared to if you do not salary package and pay with post-tax salary. Please see ‘Important information about calculations’ below for further information.
Features & inclusions
Car payments
Fuel or charging
Rego
Insurance
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Servicing
Important information about calculator
Disclaimer: This calculator is an educational tool only and should not be relied on for the purpose of making a decision about a financial product. Calculations produced are estimates only that do not take your personal circumstances into account and should not be relied on as an accurate quote or offer of finance. The figures generated by this calculator are based on several factors and assumptions. To view a full list of the terms & conditions, and the applicable assumptions (in addition to those already set out in the table), click below. Oly recommends you seek professional financial and taxation advice before making any financial decisions regarding a novated lease.
Important information about calculations
Calculator assumptions
- This calculator is provided for illustrative purposes only.
- It does not take into account your personal objectives, financial situation or needs.
- Additional fees and charges may apply, along with credit assessment criteria for certain products.
- The availability of benefits is subject to your employer's approval.
- PAYG tax rates effective 1 July 2024 have been used.
Important information about calculations
All calculations on this website are for illustrative purposes only and use PAYG tax rates effective 1 July 2024.
Novated leasing calculations assume that:
- The employee contribution method has been used (pre and post-tax funds). The estimated annual operating costs includes estimates of fuel/electricity, maintenance, tyres, registration, comprehensive insurance.
- The residual cost is calculated at 28.13% for novated lease as per ATO guidelines.
- If you are an employee of a public health, charity or not-for-profit organisation, the calculator results assume you are salary packaging a novated lease above your FBT exemption cap limit.
- An indicative annual vehicle management service fee of $396.00 (incl. GST) has been included in your operating expenses. This fee may vary depending on your employer.
- The amount financed includes a finance establishment fee of $475.00 (incl. GST) which is charged by the financier.
- GST of 1/11th is payable on your ECM contributions. Input tax credits (i.e. a refund of GST) may be paid into your salary packaging account by your employer, assuming they are eligible for GST input tax credits and they will pass on the benefit to you. State stamp duty rates apply.
- Tax, benefit & Medicare levy calculations are approximate, and assumes no other taxable income is received. HECS/HELP repayments and taxation surcharges are excluded.
Please contact Oly for an accurate estimate of your annual net benefit, leasing costs and the fees that may be applicable to you.
This calculator provides general information only by using some generic taxation scenarios and some publicly available general material published on the ATO's website. It does not offer a complete overview of applicable taxation methods.
For electric vehicles, plug-in-hybrid vehicles and plug-in hydrogen fuel cell vehicles, please consider the following:
- The estimated tax savings is the amount you could save if you salary package the vehicle using pre-tax salary or a combination of pre-tax and post-tax salary as compared to not salary packaging your vehicle and paying the vehicle running and lease costs only from your post-tax funds.
- For electric car FBT exemption to apply, this calculator assumes that all of the following conditions are met:
- the car selected is an eligible zero or low- emissions vehicle;
- the value of the car at the first retail sale was below the luxury car tax threshold of $91,387 for fuel efficient vehicles and;
- the car is first held and used on or after 1 July 2022.
- Please note that, from 1 April 2025, a plug-in hybrid electric vehicle will not be considered a zero or low emissions vehicle under FBT law. However, your employer can continue to apply the exemption if both the following requirements are met: 1) Use of the plug-in hybrid electric vehicle was exempt before 1 April 2025. 2) You have a financially binding commitment to continue using the vehicle for private use on and after 1 April 2025. For this purpose, any optional extension of the agreement is not considered binding. To qualify for the EV discount, plug-in hybrid electric vehicles must be delivered by midnight on 31 March 2025. Due to high demand and stock limitations there may be some vehicles that do not meet the delivery deadline for the EV Discount. Customers are advised to confirm delivery timelines before proceeding with their order.
- Estimated running costs may include those detailed above as well as electricity.
- This calculator does not use or consider any individual’s own financial circumstances at all.
- While electric vehicles on novated lease are FBT-exempt up to the Luxury Car Tax threshold of $91,387, they are required to be reported on applicable employee payment summaries.
- Oly recommends that employees seek independent financial and taxation advice on what impact this could have to their personal circumstances, including government payments.
- Users must not rely on or consider any results generated by the calculator as personal taxation advice.
Contact Oly
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Keen to talk now? Give Oly a call on 1300 328 182.
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Who's Oly?
Oly is the new way employees of small and medium businesses can get into their dream new car with a novated lease.
Backed by one of Australia’s largest and most trusted novated leasing providers MMS, Oly makes it EV-peasy to unlock the EV Discount and get an electric car for a petrol car price tag.
From quote to behind the wheel, Oly's digital platform makes the entire leasing process a DIY breeze. A few clicks and you’re set - no paperwork, no fuss.
What's novated leasing?
A novated lease is a super nifty way of financing a car while enjoying some sweet tax saving opportunities. You get to pay for your car and its running costs using part of your before tax salary (or entirely from your before tax salary for an eligible EV). This could mean thousands of tax savings every year - cha-ching!
Plus, those pesky car-related expenses (like petrol or charging, rego, insurance, servicing and tyres) get bundled into one cruisy regular payment. Farewell bill overload!
Could you be eligible for the EV Discount and score an electric car for a petrol car price tag?
The answer is a big YES if your new car is...
- An electric car (EV)
- A plug-in hybrid electric car (PHEV) (but only until 1 April 2025)
- Financed through a novated lease
- Valued under the luxury car tax threshold ($91,387 for FY24/25)
- First held and used after 1 July 2022
Discover how a novated lease could help you save on tax. Oly can show you the way.
Start your engines
You don’t need to work for a big company to get big benefits, but to be eligible for an Oly novated lease you do need to be:
- Employed full-time, part-time or self-employed
- Earning a set salary (AKA not unemployed, retired, or a ride share driver)
- Looking for a car for personal use
Fill out this form to kick things off, then check your inbox for a link to create your Oly login to apply online (hint: check your spam/junk folder).
Things you need to know
Novated lease example:
All eligible vehicles must be ordered before 30/09/25 (unless extended), or while stocks last. Displayed price is only available through a novated lease administered by Oly in Queensland. Government duties and charges may vary the weekly pricing in other states and territories. Weekly costs have been determined based on the following assumptions: 1) The lease is a Oly fully maintained lease, 2) A 5 year term, 3) A residual value of 28.13% of the vehicle purchase price payable at the end of term, 4) Inclusion of finance and budgeted costs for: fuel or electricity, 4 replacement tyres, maintenance, roadside assistance, registration, CTP and comprehensive insurance, 5) Gross annual salary is $90,000. 6) Vehicle purchased in QLD, 7) 15,000km per annum, 8) Salary Sacrifice using Employee Contribution Method (ECM) or Fringe Benefits Tax Exempt Method. The Fringe Benefits Tax Exempt Method is only used for eligible electric vehicles under the luxury car tax threshold of $91,387. The indicative price quoted for the novated lease is based on vehicle quotations received within the last 45 days and does not include any optional extras. Any optional extras that you choose will affect the cost of the novated lease and residual value. If you purchase the vehicle on termination of the novated lease, GST will apply on the purchase price you pay at that time. The novated lease offer is based on the assumption outlined above, and is an indicative cost approximation of the selected vehicle and model shown and the amounts may change at the time the novated lease quotation is completed and finalised. Your individual circumstances have not been taken into account, as this will affect the overall weekly cost amount and the benefits of a novated lease. These specials cannot be used in conjunction with any other offer.
Savings shown are indicative and reflect estimated tax savings over the full-term of the lease. The total amount saved is a comparison between a novated lease based on the assumption outlined above and the purchase of a vehicle and payment of running and maintenance costs using post-tax earnings. Actual savings will depend on your personal circumstances.
Things you need to know: This general information doesn’t take your personal circumstances into account. Please consider whether this information is right for you before making a decision and seek professional independent tax and financial advice. Terms, conditions and fees apply, along with credit assessment criteria for lease products. The availability of benefits is subject to your employer’s approval. Oly may pay and/or receive commissions in connection with its services. Actual vehicle prices are based on specific vehicle and accessories, prices and savings may vary based on additional options selected with vehicle. Oly does not act as your agent or representative in respect of the leasing of any vehicle and at the end of the lease, the possible purchase of any vehicle. Oly does not provide any advice or recommendations in relation to the leasing of any vehicle and at the end of the lease, the possible purchase of any vehicle.