Make sure you’re taking full advantage of the savings available to you!
One of the biggest financial benefits of a novated lease is the ability to pay for certain costs with your pre-tax salary, reducing your taxable income and therefore the amount of tax you pay. So, to maximise your savings, make sure you consider claiming everything you can.
Below is a list of expenses that are eligible to be claimed under a novated lease, subject to your novated lease budget and having sufficient ‘spendable balance’ in your account.
Fuel/Electric Charging.
Fuel:
If you have opted for a Paywise Fuel Card you can use your fuel card at over 6,000 petrol stations throughout Australia and the cost will be charged to your novated lease account.
Otherwise, you can pay for the fuel expense, retain the itemised receipt and claim reimbursement through the Paywise App or Member Portal.
Electric Charging:
If you have an electric vehicle, you are eligible to claim for charging costs. This method is done via the ATO Approved rate of 4.2 cents per kilometre. Simply take a photo of your odometer and attached that in a claim submission via the Paywise App or Member Portal. More information is available here.
Registration.
1. Pay the amount yourself and lodge a reimbursement claim:
Use the ‘Claims’ option via the Paywise App or Member Portal and choose to have the funds deposited to your reimbursement bank account.
2. Make the payment directly from your Paywise account:
Use the ‘Claims’ option via the Paywise App or Member Portal and choose BPAY. Once submitted, payment will be made within 2-3 business days, if there is sufficient balance. Please ensure to give us one week’s notice prior to renewal date to ensure payment can be made successfully.
Servicing or tyres.
Paywise Fuel Card.
If you have a Paywise Fuel Card you can pay for the cost at over 5,800 vehicle maintenance locations throughout Australia and the cost will be invoiced to your charged lease account. To find which merchant accepts the card check the WEX Motorpass website.
There is a $800 limit on the card, so if you know the transaction will exceed this amount, please contact cars@paywise.com or on 1300 132 532 and we will be able to increase your card limit if there are sufficient funds in your account.
Servicing and tyres can also be paid for by lodging a claim via the Paywise App or Member Portal. Like for paying your registration as shown above, you can either pay the amount yourself and lodge a reimbursement claim, or Make the payment directly from your Paywise account
More information about submitting a reimbursement claim is available here.
Insurance.
If you have insurance through Paywise, you don’t need to do anything – the premium is automatically paid from your novated lease account. If you have opted for your own insurance, you will need to pay for the expense and claim reimbursement through the Paywise App or Member Portal.
Roadside Assistance and all other running/maintenance cost.
For any other vehicles cost such as roadside assistance, you will need to pay for the expense and claim reimbursement through the Paywise App or Member Portal by providing us with the relevant tax invoice and receipt.
Your novated lease budget:
When your lease is set up, we work with you to set a budget for your vehicle expenses. Funds deducted from your salary are credited to your novated lease account, building a balance from which your expenditure such as fuel, servicing, insurance, lease payments, tyres and registration can be paid.
Think of your novated lease account as a bank account that is dedicated to your car and its expenses. It’s still your money, but unlike a regular bank account it is credited with pre-tax salary and therefore can only be used on expenses relating to your vehicle.
Keep an eye on your account balance and ‘spendable balance’, and please contact us if you would like to make an adjustment to your budget to ensure you have sufficient funds to cover all upcoming vehicle expenditure.
