Oly busts the myths about novated leasing for businesses

There are plenty of half-truths swirling about novated leasing. Maybe you’ve heard some of them and want clarification. Or maybe this is completely new to you, and you want to learn more. The truth is, when it comes to novated leasing, there’s no magic and no complicated rules that you need to follow. It’s just an awesome perk that businesses can offer their employees.

Myth 1: Novated leasing isn’t exactly a staff favourite.

This is one that gets Oly’s goat. Despite what you might have heard, novated leases can offer up some great ways for your employees to get the car of their dreams, while potentially saving on tax. By making payments using a combination of pre- and post-tax dollars (or fully before-tax for eligible EVs), they could save thousands every year. And all while having their vehicle and most running costs covered by one simple regular payment.

Now, how could that possibly be a bad deal?

Myth 2: Novated leases are for big businesses with lots of employees.

Look, there’s no denying that, once upon a time, novated leases were typically a perk only offered by bigger companies and government departments. But Oly levels the playing field by offering novated leasing to employees – no matter the business size they work for. Plus, Oly has the backing of McMillian Shakespeare, one of Australia’s biggest and most trusted novated leasing providers.

Oly was created to fill a gap in the market – a gap that your business might have been in – and bring novated leases to small, medium, and even micro-sized businesses. This means that, thanks to Oly, your business may be eligible to give your employees the ultimate work perk of novated leasing – and it doesn’t matter if your business has three people or 300 they could still save tax.

Myth 3: Novated leases are only for certain employees.

You may have heard that novated leasing is something that only high-flying CEOs could benefit from.

In reality, nothing could be further from the truth.

Fact is, when you as a business offer novated leasing, all employees can enjoy the benefits. Full-time. Part-time. Everyone on your payroll can access all the perks and possible savings of a novated lease. This is because it’s less expensive than you might imagine.

And because it bundles together the payment of a car with the costs of running it, more people could benefit from this ingenious initiative – whether they want to drive a new car, used car, electric car or an SUV.

Myth 4: It’s going to lead to a tonne of extra admin work for you.

Look, it’s understandable: you’re already flat out running a business and don’t need the extra admin workload. But it might surprise you to learn that novated leasing is a whole lot more accessible – and a whole lot less busywork – than you might think.

Once you’ve decided you want to offer novated leasing to your employees, Oly will handle pretty much all the paperwork and admin. All you’ll need to take care of is the salary deductions on your end. But even then, it’s simple, thanks to the Oly Business hub your go-to for all things admin and novated leases for your team.

Oh yeah, and you’ll also have to tell your employees about the awesome new perk you’ve scored for them – so prepare to receive a few “World’s Greatest Boss” mug.

So, now that you’re in the know, are you ready to take the next step and offer novated to your employees? Get in touch with Oly to find out how you can add novated leasing to your employee offering today.

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).

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