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Still deciding?
Did you know you can lease just about any car? Use the handy Oly novated lease calculator below and find your dream ride.
Novated lease calculator
Crunch the numbers on your dream car
Choose year
Choose make
Choose model
Choose variant
How much do you drive each year?
Lease length
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
Tyres
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.
- From 1 April 2025, a plug-in hybrid electric vehicle is no longer 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 have been delivered by midnight on 31 March 2025.
- 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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excluding public holidays
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Why choose an Oly novated lease?
You could save stacks
Oly's an industry insider, which means you could be an insider too, with access to pricing that’s usually reserved for the big leagues. Plus, Oly hooks you up with upfront GST savings on the car and the running costs, without the need for a deposit. Nice.
Conquer all your driving costs in one
Doesn’t it feel like there’s a new car-related expense to pay every other week? Annoying! With a novated lease, most of your on-road costs are bundled into your one nifty regular payment that comes out of your pay automatically, covering things like petrol, servicing, rego, insurance and new tyres.
It's super easy
Don’t like admin? Oly does. Oly can help find your new car, get the finance and insurance sorted and even works out the payment details with your work. And thanks to Oly’s handy app, you can submit your claims, check your budget and make changes to your account anywhere, any time.
See what our happy drivers say
(From first quote to final keys, Oly is with you every step of the way)
What is a novated lease?
Imagine a single regular payment taken directly from your pay that not only puts you behind the wheel of your dream car, but also covers all your regular car expenses - everything from rego and insurance to fuel and servicing.
Now imagine part of that regular payment comes out of your salary before tax. Not only could it make it easier to budget each month, but it could reduce your taxable income.
1:40 minute video
How does it work?
1. Apply online and get your quote
Fill out the Oly application and you’ll get the full low-down on what your dream ride would cost and how much you could save in tax. Haven’t picked a car? Create multiple quotes to see how the savings compare.
2. Oly works out the payments with your employer
Oly will take your employer through the super-easy steps they need to take to get your novated lease set up, and will then help guide them through making those regular payments.
3. Wait (not long) for approval
In most cases, provided Oly’s got all the necessary info, you could get approval within hours.
Novated leasing FAQs
What’s the difference between a novated lease and a car loan?
With a regular car loan, you’d be making repayments with your post-tax salary. With a novated lease, your payment uses some of your pre-tax salary, which could lower your taxable income.
Then there’s the fact that all your running costs are bundled into one regular, easy, automatic payment.
PLUS Oly helps you find your new car, takes care of most of the admin and makes it easy to switch your car for a new one once your lease is up.
You won’t find a car loan that can do any of that!
Why should I take out a novated lease instead of buying a car?
Not only could a Oly novated lease save you money, it removes a lot of the hassle that comes with owning a car.
Once you’ve decided on your car (yep, Oly can help with that too!), Oly will set up a simple annual budget that bundles up all those pesky running costs – that’s petrol, servicing, rego, insurance and the car itself, obviously – into one regular payment.
Then, once you get your car, that payment gets taken directly out of your pay using a combination of your pre- and post-tax salary. If you’re leasing an eligible electric car, the payment is all taken before tax.
Let’s break all those benefits down:
- Buying power
Since Oly buys so many cars from dealerships across the country, you could get access to some pretty amazing deals. - Tax savings
Some (or all) of your payments are made with pre-tax dollars, so your taxable income is reduced. That means you could pay less tax! Even better: you could skip the upfront GST on your new ride too. - Less hassle
Oly sorts out all the administrative stuff, including finding your new car, dealing with the money people, and sorting insurance. That means less stress and more time cruising with the windows down. - Better budgeting
That one regular payment includes your car AND all your running costs. That means no more of those terrifying registration or insurance renewal bills. - Flexibility
With Oly, you can choose the car you want to drive, whether it’s new, used or the car you’ve already got.
The government’s Electric Car Discount policy. How does that work with a novated lease?
To try to encourage more drivers to pick up an electric car, the government has dished out an exemption to the fringe benefits tax for low-emission cars valued under $91,387 (the luxury car tax threshold as of July 1, 2024).
That means when you use Oly to get into an EV, your novated lease payments can be taken entirely from your pre-tax salary, which could mean having to pay less tax.
Add an exemption to the 5% import tax for most EVs, and the fact that there is no upfront GST cost to you when using a novated lease on an EV, and you could get a shiny new electric Tesla 3 for the same cost per week as a petrol Mazda CX-5.
An electric car for a petrol car cost?
When you use a novated lease to get behind the wheel of a petrol car, only part of the payment is taken from your salary before tax.
But choose an eligible electric car and, thanks to the government’s EV Discount, your entire lease payment can be taken from before tax salary. That could mean some juicy tax savings with every pay.
But the only way to score this amazing discount is with a novated lease.
Electric
$59,818
2024 Tesla Model 3
$41,149^
Estimated tax savings
$234
Cost per week
Petrol
$38,990
2024 Mazda CX-5
$16,737^
Estimated tax savings
$235
Cost per week
Both based on an anual $90,000 salary, an annual distance travelled of 15,000kms and a 5-year lease term.
Legendary novated leases
A new car should feel exciting, not overwhelming. Think of Oly as your co-pilot – minus the back seat driving. Buckle up and let Oly make the journey smooth and stress-free. Let's go!
Get a quote
Oly gets it - your time is precious. Get in touch and, in most cases, an Oly expert will put together a quote within hours.
^ Things you need to know
^ Displayed price is only available through a novated lease administered by Oly. Estimated costs have been determined based on the following assumptions:
1) The example assumes that the EV is an eligible zero or low emissions vehicle, 2) The lease is an Oly fully maintained lease, 3) A 5-year lease term, 4) A residual value of 28.13% of the vehicle purchase price payable at the end of term, 5) Gross annual salary of $90,000, 6) An annual distance travelled of 15,000kms, 7) The value of the EV at the first retail sale was below the luxury car tax threshold of $91,387 for fuel efficient vehicles,
8) The EV is first held and used on or after 1 July 2022, and 9) Both vehicles are purchased in NSW. Additionally, the estimated annual operating costs includes estimates of fuel/electricity, maintenance, four replacement tyres, registration, CTP and comprehensive insurance, roadside assistance, and fleet management fee have been calculated on a GST exclusive basis, on the assumption that your employer will be entitled to GST input tax credits and that they will pass on the benefit to you. GST is payable on your ECM contributions. State Stamp Duty rates apply. PAYG tax rates effective 1 July 2024 have been used. The indicative price quoted for the novated lease is based on vehicle quotations received on 1 June 2024 and does not include any optional extras. Any optional extras that you choose will affect the cost of the novated lease and residual value. The novated lease offer is based on the assumption outlined in the comparison table and is an indicative cost approximation of the selected vehicle and model stated 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. Savings shown are indicative and reflect estimated tax savings over the full-term of the lease. The total amount saved is a comparison between the costs of a novated lease with an EV and the costs of a novated lease with a petrol car. Actual savings will depend on your personal circumstances and may vary depending on the vehicle model and price. Oly recommends that you seek independent financial and taxation advice.
From 1 April 2025, a plug-in hybrid electric vehicle is no longer 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 have been delivered by midnight on 31 March 2025.