Advantages of Salary Packaging
- You can get a substantial DISCOUNT on the purchase of your next vehicle
- You can refinance your current vehicle or even buy a private or used vehicle (conditions apply)
- All your vehicle costs can be paid by your employer in one monthly payment leaving you with more disposable and savings income for everything else
- You will most likely pay less tax and a quote will evaluate that for you immediately
- Salary Saver (our salary packaging) can reduce the running costs of your vehicle and it will manage your bills and commitments for you
- It is the only way you can buy and finance a vehicle and pay less for your vehicle at the end of the lease than you were paying for the vehicle at the beginning (including interest payments)
- With Salary Saver we prefer to set it up so that you have zero FBT and not excessive residual payments to make at the end of your lease.
- We can even guarantee the residual (balloon) price of your vehicle at the end of your lease
FAQ's about Salary Saver
There are many misconceptions about salary packaging so we try to answer the main ones with some FAQ's. Feel free to write to us or call if you have any questions we have not covered.
- What is the Salary Saver finance product?
- The core finance product of Salary Saver is a novated lease. A novated lease is a three-way salary sacrifice agreement between employer- financier-employee.
- How will salary packaging affect my pay?
- Each pay cycle, your employer’s payroll department deducts a nominated portion of your salary before tax is applied. With direct debit consent from your employer, funds will be credited to us on 5th of each month
- Then these funds will be nominated to pay for your chosen benefits (e.g. finance lease, fuel payment, insurance premium, registration renewal etc.)
- The remaining funds will be retained in the account as budget fund
- The rest of your salary gets taxed. The good news is some of your salary has been taken out before tax, therefore you are taxed on a lower amount
- Your post-tax salary is then deposited into your bank account as usual
- Effectively you are paying less tax on your gross pay; your disposable income is increased. You will take home more pay at each pay cycle.
- Yes, that’s correct, we will pay all your bills for you!
- Is there a management cost?
- Yes, but Salary Saver management fees are set at $29.16 per month
- What happens if I change jobs during the lease term?
- It is ok to change jobs during the lease term. Your lease can be transferred to the new employer, if this occurs, you may have a few options available to you such as:
- Pay-out the total owing and buy the vehicle outright
- Continue to pay the lease and all running cost yourself
- Transfer the lease to your new employer ( subject to your new employer’s acceptance and approval)
- Re-finance with another finance product.
- What if I go under or over my expense budget?
IF YOU HAVE SPENT MORE THEN BUDGETED…
- We will contact you to discuss and adjustment on your regular payments to ensure you can cover the higher amount.
- You will have access to your online salary saver account; contact us immediately if you notice your budget is being overspent.
IF YOU HAVE SPENT LESS THEN BUDGETED…
- Account reconciliation will happen 60 days prior to the end of your lease term.
- If there are surplus fund in your account, we will send the funds to your employer. Your employer will then deduct income tax and pass the remaining balance back to you
- Why choose Salary Saver?
- A better deal on the cost of your car
At our dealerships, we will offer the best purchase price and pass on your entire eligible fleet discount to you. We sell a large number of vehicles from our dealerships across all brands. Our buying power means YOU get a competitive price on a new car, on top of your fleet discount for salary packaging.
- Great Tax Savings
Finance a new car through Salary Saver and you don’t pay GST on the purchase price. 10% instant up front saving plus monthly repayments on the lease that are made from your salary before tax and this immediately reduces your taxable income and increases your take-home pay.
- Convenience
We act as an administrator for your lease including sourcing of new wheels, organising your servicing, paying your finance payments on time, and maintaining the running cost of the car, which of course saves you time and hassle.
- Budget your cost
We help you establish your monthly expenses and set up a budget for you, which will include paying vehicle registration, annual insurance renewals, and maintaining scheduled vehicle servicing.
- Employee Choice
You can choose any make and model you want to drive, new or a used or even salary package your existing car. You can choose the salary saver package you wish to have and how much we manage for you.
- Do I get a Fuel Card?
- Yes, you will if you request one.
- A) Convenience
You can add fuel at any fuel stations
You will have access 24/7 to your fuel account online
You can use your fuel card to pay for servicing when your vehicle is due for service
B) Control
– Running Cost budget and improve your company cash flow
– Flexible options to restrict and control usage for employees
– Peace of mind and pin restrict security
C) Reporting
– Fully itemized statements with separate GST & Non-GST items
– ATO- approved monthly statements
– Say “No More” to receipts
– Record odometer reading, no more Log book
D) Savings
– Save time and money
– Partner benefits and Fleet discounts
– Save on running cost e.g. Fuel
– Tax deductible
8. What happens if I have lost my fuel card and I need to pay something with own cash?
- Fill in a reimbursement form and provide all receipts. Reimbursement will take place on 15th of following month. If the 15th fall on the weekend, allow 3 days of lead-time. Funds should be clear in your account.
Do you have customer service hotline?
Of course! Our friendly and knowledgeable customer services reps are available to answer your questions on
1300 NF SAVE