Novated Leases - The Smart Way to Finance Your Car

We all have differing thoughts about tax saving products. Will it work for me? Will it save me money? Will it be straightforward? Like with food we get more curious about tax savings with age. This is all well and good however when it comes down to it the real question for people to ask themselves on tax saving products should be ?What will it do for me?? Check out our top Novated Lease benefits below.

Convenience
In the years gone by tax saving products were confusing, difficult to track, and even harder to gather information on. Today we have websites, comparison sites, online access and discussion forums to check out how we can make the most of tax savings. In this sense a Novated Lease is amongst the most convenient of all tax saving products. These days all a Novated Lease customer need do is stay on top of their odometer readings and check in now and again to their Novated Lease account.

Smooth the cycle of car costs
?I don?t think I?ll service the car this month, it?s too costly and I really don?t have the money at the moment?.

How many times have you said this to yourself? Missing key car appointments can cost big and without good maintenance even the most reliable car can fall into disrepair. This is why smooth and predictable car costs are so important. Knowing what amount to expect to be taken from your salary before you even pay tax is a huge help here. In truth many of us don?t even miss this cash as it?s taken out from your salary on the day you are paid. In this sense you will not see any money come out of your own after tax take home pay.

Salary packaging approved
As discussed in the previous section Novated Leases is a form of salary packaging approved by the Australian Tax Office. In this respect they are a perfectly acceptable salary packaging product for all working Australians. The Novated Lease and its respective bundled expenses are taken from your salary pre-tax and as such cuts down on the amount of tax you will need to pay. This is very positive as it means that you will not need to pay for any vehicle related expenses from your after tax cash.

It?s no secret that Novated Leases are a tax reducing service however they are much more than just that. As noted above the can bring convenience, budgeting benefits and predictability to your vehicle expenses. In addition to these benefits a Novated Lease may also help you save on goods and services tax (GST) on the car purchase and on the other vehicle expenses. This GST benefit, along with the income tax saving coupled with the clear convenience should make give all Australians pause for thought on a Novated Lease.

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