The benefits of novated leasing for small to medium businesses
Imagine how rapt you’d make your employees if you could help relieve their cost-of-living crunch and put them behind the wheel of a shiny new car?
Thanks to the awesome perks of novated leasing, you could do just that. It’s why more and more businesses are tossing novated leasing into their mix of employee benefits – and why your business might want to get in on the action.
Here's how it works.
2:40 minute read
Key takeaways
Can a small to medium sized business offer novated leasing?
Yes! Back in the day, novated leasing was typically only available to the big honcho organisations and government. But Oly is levelling the playing field, bringing the big business perks to small and medium businesses - delivering a hassle-free, straightforward leasing experience built for SMBs.
Enjoy Oly AutoPay for direct debit deductions straight from your bank account. Plus, all employee lease info, year-end reporting, and a comprehensive help centre packed with videos, guides, and answers to all your questions, accessible and securely stored in the Oly Business Hub - it’s like the ultimate service centre for your novated leases.
And with Oly, getting started is as easy as 1-2-3.
1. Register with Oly
Create your account and sign the service agreement online.
2. Approve the agreement
Give the novated lease agreement the tick online so Oly can get your employee on the road quickly.
3. Set up AutoPay
Provide your direct debit banking details so that Oly AutoPay (powered by Stripe) takes care of the regular novated lease deductions.
Then you can just sit back and await your ‘world’s best boss’ mug.
What are the benefits of novated leasing for the small and medium businesses?
Novated leasing is like the bee’s knees of employee benefits.
A happy team: Offering your staff a benefit like a novated lease lets them make the most of their pay by tapping into their before-tax salary - a great way to attract and keep talented team members.
Oly makes it easy: While big businesses have been reaping the benefits of leasing for years, Oly makes it simple for small and medium businesses to offer this perk too.
Built especially for SMBs, Oly delivers all the benefits without the usual novated leasing hassles.
All employers need to do is set up the novated lease in your payroll processes - include the lease as part of your BAS and complete yearly fringe benefits tax (FBT) reporting.
What are the benefits of a novated lease for the employee?
With novated leasing, you can snag a new or used car through a blend of before- and after-tax salary (and 100% before-tax for eligible electric cars under the government’s EV Discount!), which could save thousands in tax.
You also get to roll most of the car essentials – fuel or charging, rego, insurance, servicing, tyres – into one tidy regular payment for easy budgeting.
And there are other benefits too:
√ No upfront deposit needed
√ An easy DIY digital application: no paperwork, no headaches
√ 24/7 control: instant account access through the Oly app
Why an Oly novated lease is great for your business.
Oly guides your employees through their leasing application, helps them find their dream car, and manages the end-of-lease process.
Not only that, Oly is backed by one of Australia’s largest and most trusted salary packaging and novated leasing providers, bringing over 35 years of experience and bigger buying power for great deals on cars - McMillan Shakespeare Group (MMS). So your employees could get a sweet deal on their dream car and great tax perks. Double win!
Keen to rev up the perks and draw more superstars to your workplace?
Ready to drive?
Fill out this form to kick things off, then check your inbox for a link to create your Oly dashboard login to apply online, build your own quotes, compare your favourite cars and put yourself behind the wheel of your dream ride.
Keen to talk now? Give Oly a call on 1300 328 182.
Oly is available:
9am – 5pm AEST Monday to Friday
Excluding public holidays
* Questions marked with an asterisk need to be answered before you can submit the form.
Related articles
Electric cars
Novated lease electric car: everything you need to know before you switch
Are you being drawn to the cool, tax-friendly hum of an electric vehicle (EV) novated lease?
4:20 minute read time
Novated leasing
What’s a novated lease and is it worth it?
Imagine zipping around in your dream car while saving thousands of bucks every year.
4:15 minute read time