Employer Benefits – Incorporating Novated Leasing
Many employers feel that one of the best assets is their employees and no doubt you would agree. One of the more popular salary packaging options for staff are Novated Car leases. We all know motor vehicles are expensive to run.
If you could offer an option to your staff to salary package their private use motor vehicle, that would save them thousands of dollars, effectively giving them a “pay rise” at no cost to you; would you do it? Of course, you would! There is an old saying “Happy Wife… Happy Life”. Looking at your staff, happy staff equals higher productivity, greater job satisfaction, which in turn increases your profits.
So how do you gain employer benefits though, after all this needs to be a Win Win for all involved.
Offering Novated Car Leases as a salary packaging option for employee’s private use motor vehicles, gives you the ability to attract top talent to your business. Instead of your business providing company cars, tying up managerial time and business expenses this option gives you significant saving advantages. It gives you an Employer of “First Choice’ status. Increases the value of your company’s salary package and offers possible payroll tax savings!
While your business takes out the lease, the actual lease is in the name of your employee. Therefore no fees or costs for you the employer. This includes early termination, or lease changes.
Setting Up The Lease Payments
Novated Car Leasing Options will provide all of the details and instructions to your payroll or accounts department on how to set the Fully Maintained Novated Lease up to ensure your business complies with the ATO requirements.
We provide all appropriate reporting to make sure there is minimum administrative requirements and no further burden on existing (and busy) staff members. We show you the employer, what to deduct from your employee’s salary before and after tax, to provide them with the maximum benefits. These funds then go into your employee’s Fully Maintained Novated Lease account from which all of their payments are made.
Novated Car Leasing Options does not purport to offer legal, financial or taxation advice. Employers and employees should seek independent advice as to the implications of a Novated Lease transaction. The salary packaging amounts and take-home pay calculations set out are estimates only. While due care is exercised by us to ensure integrity of the estimates it does not make any warranties, express or implied as to its accuracy or completeness. Powered by AllCredit.
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