A novated lease can be a great way to get a vehicle, especially if you use it for both personal and work-related purposes. It allows you to finance and manage your car with pre-tax dollars, potentially saving you money.
To get the most our of your novated lease, here are some strategies for employees to optimize your experience:
Understand the Basics
Make sure you fully understand how a novated lease works. It's essentially a three-way agreement between you, your employer, and a finance company.
Our friendly novated leasing specialists are available to answer all of your questions.
Budget Wisely
Create a comprehensive budget that includes all costs associated with the novated lease, such as repayments, fuel, maintenance, insurance, and registration.
Remunerator work with you at the beginning of your leasing journey to set annual budgets for all your vehicle running costs. We understand that everyone is different and leads the lifestyle they want. Remunerator's teams will ensure that your novated lease suits your circumstances and fits within your budgets.
Choose the Right Car
Consider your lifestyle, commute, and needs when choosing a car. Carefully think about fuel efficiency, maintenance costs, depreciation, electric vs petrol vehicles, and price.
There are many benefits to owning an electric vehicle currently, including reduced running costs and emissions. In addition, the Electric Car Discount offered by the Australian Government offers a fringe benefit tax exemption on eligible EVs leading to employers and employees saving thousands each year when driving an EV on a novated lease.
Know the Tax Implications
Understand the tax implications of your novated lease. We recommend consulting with a tax professional to ensure you're entering into an agreement that is beneficial for your circumstances.
Take Full Advantage of Remunerator Benefits
Shop around for the best price on the car or use Remunerator's in-house car procurement service. With more than 30 years experience in the industry, we have built an Australia-wide dealer network. Our procurement team can get the best price on your next car.
Compare lease terms and budgets to ensure you are taking full advantage of the tax benefits offered by a Remunerator Novated Lease.
Regular Maintenance
Keep up with regular maintenance to ensure the car is in good condition. Your vehicles manufacturer recommends a maintenance schedule to follow, this helps prevent costly repairs and ensures the vehicle remains in good condition.
Keep Accurate Records and Review Regularly
Maintain a detailed record of all expenses related to the car, including fuel receipts, maintenance invoices, and any repairs. This can be helpful come tax time.
Periodically review your lease and pre-set budgets and ensure they still meet your needs. Monitor your mileage and ensure you're within the agreed upon limits.
If circumstances change, you may need to adjust the terms or your budgets. If this is the case, talk to your novated leasing specialist to discuss options.
Insurance and Registration
Explore different insurance options to find the best coverage at the most competitive price. Remunerator work with insurance providers to offer you insurance products conveniently at competitive pricing.
Stay Informed
Keep yourself updated on novated leasing regulations and any changes in tax laws that may affect your arrangement. Remunerator Novated Leasing specialists are available and eager to answer any questions you have at all stages of your car buying and ownership journey!
Remember, every individual's financial situation is unique, so it's important to tailor these strategies to your specific circumstances.
Remunerator want you to get the car you want, at the price you want, in the life you want!
Are you ready to start saving on your new car?
Talk to a Remunerator Novated Leasing specialist today or request a quote!