A novated lease is an arrangement that Paywise facilitates to help you salary package a vehicle to save you money each year. With Paywise you have the convenience of a lease which will save you thousands over your lease term. This is an employee benefit which your employer provides to assist in your continued life’s adventures.
Novated leases include everything you can think of that is related to your vehicle and its running costs. Not only are you delivered remarkable fleet, tax and GST savings but you are also given the complete flexibility and convenience. With Paywise you will save substantially on your vehicle and have more time and money to set aside for your lifestyle on the road.
The benefits of a lease include the following:
– Your choice of vehicles: new, used or even your current vehicle
– Save on Income tax
– Save the GST on the purchase price
– Save all the tax & GST on all running costs
– Fleet discounts on tyres and service costs
– Lease options between 1 and 5 years
– Convenience and simplicity of running your lease
A Paywise Novated Lease is a type of salary packaging benefit which enables your employer to make payments from your salary to cover running costs and the finance for your vehicle. These payments are made at a set agreed rate over the period of your choice (you can choose between 1 & 5 years). The way your benefit is made up is by splitting your payment full payment (which includes all your fuel, maintenance & service, tyres & insurance) between a pre and post-tax salary contribution; this is where the salary packaging happens.
Salary packaging a vehicle with Paywise enables you to receive significant tax savings and discounts. Some of these include reduced purchase price of your vehicle (commonly known as fleet pricing), tax and GST savings on the purchase price of your vehicle and the running costs.
No, a Paywise Novated Lease will benefit most employees who earn a huge range of incomes. Paywise tailor your lease based on your salary, km’s driven, lease term and the car you would like to package, we do it all for you.
No, you do not need to use the vehicle for business related travel with a Paywise lease.
Paywise gives you three simple choices at the end of your lease:
1. You can pay out the residual (commonly referred to as the balloon) at the end and then own the vehicle.
2. Keep the existing lease and release it again for another 1 – 5 years.
3. Sell your vehicle, pay out the residual while saving any of the profit you have made on the vehicle. You can then package another vehicle again.
Paywise will contact you 3 to 6 months prior to the end of your lease to work closely with you to ensure you make the best decision.
You can salary package a vehicle for your immediate family. This means that you can package a car for anyone in the immediate family such as partners or your children.
If you opt to use the Paywise Insurance through our preferred supplier and you need assistance to make a claim click here for assistance.
