How you could unlock novated lease tax savings through the EV Discount

Novated leases are just about the best thing since some clever baker decided to start slicing their bread. Oly could help you save thousands of dollars a year, while also conveniently combining your car payments and most running costs into one easy, breezy payment.

Oly is all about showing you the proof for yourself by breaking down the ins and outs of a novated lease, providing some examples of the possible tax savings, and even sharing some lease calculators.

Plus, you can also discover how you could save even more by getting an electric vehicle with a novated lease.

Convenience meets lower costs.

One of the things Oly loves about novated leases is that pretty much every vehicle cost is tied up into one neat little payment. It’s your car lease payments, fuel (or electricity if you’re running an EV), registration, servicing, insurance – all these and more is covered by your novated lease payment. Because this comes partially from your pre-tax salary (or fully with eligible EVs), you’re potentially saving money without having to lift a finger. The money is simply deducted from your salary on pay day. Which Oly reckons is a much better option than getting bill shocks that you didn’t budget for throughout the year.

And don’t go in thinking that novated leasing is unaffordable for the average worker. There are a wide range of vehicles that you can choose from, and they vary in price from fancy-schmancy to more affordable.

Plus, you might be surprised to learn that you don’t have to lease a new car – you can also pick a used vehicle (or even take out a lease on your existing car) if that’s more your style.

Heard about the EV discount?

The Electric Car (EV) Discount is an Australian Government policy which aims to drive up EV popularity, not to mention reduce carbon omissions. But what is it? When you take out a novated lease on an eligible electric vehicle*, the entire payment is taken from your pre-tax salary. This means 100% before-tax payments, which means even more tax savings.

Compare this to a novated lease on a petrol-powered vehicle, which uses a mix of your pre-tax and post-tax earnings. This simple shift from non- EV to EV could help you save thousands of bucks a year.

In fact, your payments for an electric vehicle could be the same as a petrol-powered vehicle! So, you could save money, all while you’re helping save the planet – who could say no to that?

Even better, the Government has also made electric vehicles under $91,387 exempt from Fringe Benefits Tax, which gives you even more savings.

Oly’s calculators bring clarity to the confusion

Okay, if you think Oly talks a big game about how much money you could save, why not look for yourself? Oly's nifty novated lease calculator can tell you how much you could save. Just punch in some key figures and you’ll receive your personalised quote, showing how much can expect to be paying per week.

Oly Novated Lease Calculator: Estimate Car Lease Payments

If you’ve decided that a novated lease is right for you (nice!) but are having trouble with deciding what vehicle would fit best in your budget, there’s also a comparison calculator. Simply enter the cars you’re interested in, and you can instantly see how they stack up against each other. It’s a great way to see how different cars compare and can help simplify your decision-making.

Plus, Oly offers a price beat promise. Say you found the car you love but worried you’re not getting the best price, Oly will make sure of it. Thanks to Oly’s network of trusted car dealers across Australia you have access to a wide range of cars – from popular car models to something a little more unique.

Oly Novated Lease Compare Calculator: Estimate Car Lease Payments

Okay, I’m interested. What next?

While novated leases have traditionally been a work perk offered by bigger organisations, Oly’s change the game up by bringing novated leases to medium-sized businesses, small businesses, micro businesses, teensy tiny businesses and everything in between.

To get started, complete Oly’s contact form. One of Oly’s helpful experts will be in touch to help get you started.

Ready to drive?

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).

Related articles