Salary sacrificing through novated leases
WA owned and operated Motorplan offers novated leasing, fleet management services and personal and asset finance.
Supported by an extensive panel of top lenders, the company is managed by experienced motor industry and finance professionals with well established industry connections all over Australia.
A novated lease is one of the most cost effective ways to own a vehicle with great tax advantages even when the vehicle is used entirely for personal purposes.
By deducting costs associated with the running of the leased vehicle from pre-tax income, employees will see a reduction in taxable income and therefore income tax.
The vehicle is financed exclusive of GST and the running costs of the vehicle are GST exclusive for the employee.
Not only will employees benefit from GST and income tax savings, Motorplan’s buying power and industry connections will see them enjoy fleet discounts on the purchase price of the vehicle as well as discounts on the running costs; including servicing, tyres, insurance, fuel and roadside assistance. Motorplan has extensive experience in financing and arranging salary packing through novated agreements and has worked with many employees in the education sector.
Traditionally, novated leases have been treated as a commercial finance product, allowing big leasing companies to confuse the facts and avoid disclosing rates and fees with difficult to read quotations and paperwork.
Motorplan however prides itself on complete transparency, providing easy to read quotations and full disclosure of all rates and fees.
Motorplan quotes present all the facts in an easy to read format, that include a breakdown of employees home pay and income tax savings specifically tailored to their payroll cycle.
Employers can also benefit from a possible reduction in payroll tax and workcover costs, and become an employer of choice.
To avoid being fleeced by a novated lease, more information on Motorplan’s services can be found at: www.motorplan.com.au.
Motorplan offers easy novated leasing solutions.