A novated lease calculator is an essential tool for Australians looking to explore the financial advantages of salary packaging a vehicle. By entering key details such as your annual salary, vehicle purchase price, and lease term, S.P.A.’s novated lease calculator provides a detailed estimate of your potential tax savings, lease payments, and the total running costs of your chosen vehicle.
Estimate Potential Savings
Our novated lease Australia calculator takes into account specific Australian policies and discounts. It helps you visualise how a novated lease can reduce your taxable income, allowing you to pay less tax and boost your take-home pay. By shifting some car expenses to your pre-tax salary, you can potentially save thousands over the life of the lease.
Evaluate Costs and Payments
Input details such as the vehicle type, registration and CTP, fuel, and comprehensive insurance to get a clear breakdown of the total cost. For those considering an electric vehicle, the electric car discount and associated tax benefits can also be factored in.
Plan Within Your Budget
Whether you’re eyeing a new car or a pre-owned vehicle, the calculator provides a rough idea of the financial commitment, including how the luxury car tax threshold might impact more expensive cars. It’s designed to fit varying personal circumstances and financial situations.
You’ll need to input details like your annual salary, vehicle purchase price, estimated running costs, and desired lease term. For a more accurate result, include specifics like your estimated annual kilometers travelled.
The results are for illustrative purposes and may vary based on individual circumstances and applicable tax laws. Consulting with leasing specialists for a novated lease quote ensures greater accuracy tailored to your situation.
Yes! The calculator can incorporate the electric car discount, making it easier to compare tax benefits between electric and traditional vehicles.
Yes, our novated lease calculator includes FBT estimates, helping you understand its impact on your take-home pay. However, some vehicles, like qualifying electric cars, may be eligible for FBT exemptions, offering additional tax savings.
Yes. Beyond the lease payments, consider factors like registration and CTP, fuel, maintenance, and insurance. Including these in the calculator ensures a more comprehensive cost estimate.
A novated lease offers numerous financial benefits, including potential savings on income tax, reduced running costs, and access to discounted lease payments. Whether you’re looking for a specific car or comparing options, this salary packaging solution could help you secure a great price while staying within budget.
Explore your options today with our novated lease fringe benefits tax calculator and take the first step toward smarter vehicle financing! For further information, consult a trusted advisor to ensure your decisions align with your personal taxation advice and financial goals.
* This calculator contains general information and does not necessarily take all of your personal circumstances into account. Salary Packaging Australia encourages you to seek professional, independent tax or financial advice and to consider whether this information is right for you before making a decision. The availability of any packaging benefit is subject to your employer’s approval and compliance with the Australian Income Tax Assessment Act (1997). The Australian Taxation Office can provide advice on compliance.
All benefit examples based on a 60 months terms driving 15,000 km per annum on a $85,000 annual salary. Prices excluding GST under novated lease and images are for display purposes only. Vehicles subject to availability. Pricing is based upon supply of motor vehicle in South-east QLD. Vehicle pricing may be subject to change without notice. Pricing may vary dependant on the exact location and State of purchase and are based on PAYG income tax rates as at 1/10/2020.
The salary packaging of motor vehicles works for you by substituting a taxable benefit with a non-taxable benefit. The above cost figures represent the estimated impact on your take home pay taking into account those tax benefits based on the assumptions outlined. You should obtain independent financial advice taking into account your personal circumstances before you rely on these figures. Salary Packaging Australia Pty Ltd ABN 53 0 0 9 643 485
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