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What is Novated lease and salary packaging
Automotive Lease Packaging offer expert estimates via our professional novated lease calculator
A lot of people are unaware of how beneficial a novated lease can be, or are unaware of what a Novated Lease even is. However most working Australians have heard the term ‘salary packaging’ or ‘salary sacrificing’. These are alternative terms to explain what a novated lease is.
A novated lease salary package deal is an agreement between the employee, their employer and an independent car dealer whom sells a vehicle to the employer on behalf of the employee. The employee then makes regular repayments to the employer via deductions from their salary hence the term ‘salary sacrificing’.
In actual fact, it is not a sacrifice and the term often frightens people away from the car finance scheme. Novated leases are the best way to finance the acquisition of your new car as you can make repayments at a rate that you and your employer have agreed upon- not a bank.
Your overall salary will be impacted only minimally, and overall you will be taxed less as the scheduled repayments are deducted before tax so technically you have less taxable income over the period of repayment thus you will be taxed less, saving you money.
You can calculate the amount you will save by using the novated lease calculator provided by Automotive Lease Packaging. Our Australian novated lease calculator offers accurate estimates on the amount you can expect to pay and save by opting for a novated lease salary package.
For more information or to obtain you vehicle finance visit our Novated Lease calculator today!