Love your current car?
Salary packaging it could save you thousands!
Salary packaging your current car (converting it to a novated lease) is also known as "sale and leaseback". It allows you to
- Free up cash in the car you already own
- Unlock tax savings
- Enjoy the convenience of budgetted finance and running costs
Here’s how it works
1. Keep driving your car as normal and we'll buy it from you at an agreed value1.
2. You can use the money that was tied up in your car for things such as house bills or even pay off a credit card.
3. We'll finance your car back to you via a novated lease and you receive the tax savings & convenience it brings with it.
Here’s how you can save….
- Cash back
With the value of your current car agreed, we will buy your car from you - giving a cash lump sum back to you 1
- Tax savings
By salary packaging your car you're able to pay for your cars finance and running costs from a combination of your pre- and post-tax salary, lowering your taxable income and therefore reducing the tax you pay.
Here's an example of how that works:
We can help make the running of your car easier:
- Reduce budget stress by bundling the finance and running costs into one regular payment every payday
- Fuel cards are provided for cash-free fuel fill-ups
- Automatic rego renewal - we can pay it on your behalf
1. The amount you will receive for your car is based on the car's value as determined via Redbook's Trade in Price and is subject to any finance that may be outstanding on the car. For full terms and conditions, speak with our leasing team.
2. Based on the following assumptions: living in NSW 2000, salary: $70,000 gross p.a., travelling 15,000 kms p.a., lease term: 36 months, salary packaging 2016 Mazda 3 Maxx Auto, valued at $17,600, using Net GST processing method and Employee Contribution Method for FBT purposes. All tax calculations include budgets for fuel, servicing, tyres, maintenance, Vero by Suncorp comprehensive motor insurance and re-registration over the period of the lease. The total amount saved is a comparison to financing the purchase price of the vehicle over 3 years and paying for all running and maintenance costs out of your post-tax earnings. Your actual savings will depend on your income tax bracket, the GST processing method nominated by your employer, administration fees payable under your employer's salary and your personal circumstances. Vehicle residual, as set by Australian Taxation Office, payable at the end of lease term. The exact residual amount will be specified in your vehicle quote.
3. GST savings calculated on the vehicle price of $17,600(FBT value). When entering a novated lease on your existing car, you may choose to claim the GST on the valuation of the car. An additional fee will be applicable at the time of entering into the lease.