If you’re keen to get yourself a novated lease through your workplace, and it’s available to you, then you’ve got to think about the best time to secure one before you start jumping for joy.
Novated leases can be undertaken at any time of the year – you don’t need to wait around for Santa Claus or the Easter Bunny to deliver one on a platter for you. But some times of the year may be more convenient than others. Let’s take a look at the best time to get a novated lease.
Novated leases: explainedA novated lease is when your employer agrees to lease a car on behalf of you, with the repayments coming out of your pocket. The great thing about a novated lease is that the repayments come from your pre-tax salary, allowing you to see a big benefit in the reduction of your payable tax at the end of the financial year.
End of Financial YearThe end of the financial year (EOFY) is one of the best times to start thinking about a novated lease. For a start, you’ll be doing your tax return and be thinking about ways to reduce your taxable income for the new financial year. When you agree on a novated lease in the month of July, at the beginning of a new financial year, you’ll make the most of a full tax year when it comes to doing your taxes in June the following year.
The main benefit of this is that you’ll be able to see exactly how much taxable income you’ve reduced, which is a super satisfying thing to experience.
There’s no time like the presentIf your employer has agreed to a novated lease and you’ve got the green light, then there may not be any point in waiting around for the end of financial year. If you’re wanting to get your hands on a new set wheels quick smart, then we encourage you all the way… but talk to the guys at Carbroker.com.au first!
Carbroker.com.au are Australia’s leading team of car brokers and have been since 2003. They’re not salespeople: they’re brokers. They work for you when you’re sussing out a great novated lease, helping you find the best possible deal on the make and model you’re after. With over 2,000 car dealerships across Australia in their database, Carbroker.com.au guarantee that you drive away in the best car possible.