What is a Novated Lease?
Novated Leasing is a lease agreement that addresses the differing needs of employers and employees, to provide a solution that benefits everyone.
A Novated Lease is an agreement between your employer, yourself (the employee) and Lease & Asset Finance Pty Ltd, which amounts to a transferral of the obligation to meet the lease rentals under the finance lease from yourself to your employer.
A Novated Lease is a tax effective option that is approved by the Australian Tax Office (ATO). The main benefit in doing a Novated Lease is to reduce the cost of financing and running a vehicle. This is done through the tax and GST savings when Novating a vehicle.
Novated Leasing is associated with Salary Packaging which incorporates other benefits other than a vehicle. Salary Packaging and Novated Leasing facilitate you to pay for the vehicle and associated running costs out of your PRE-TAX salary rather than AFTER-TAX. This means more money in your pocket.
Fully Budgeted Package
After delivery of your vehicle, you will receive your Caltex Star Fleet Card and a BP Plus Card. These cards offers many advantages including:
- Fuel and Oil
- Secure PIN access
- Receipt free
- Servicing and Maintenance (Caltex Card Only)
- Tyres, Tyre Repairs, Wheel Alignment and Balancing (Caltex Card Only)
- Batteries (Caltex Card Only)
Servicing & Maintenance
With your Caltex Star Fleet Card, you are provided with a quick and convenient means to authorise and control all servicing, maintenance and warranty issues. Servicing is based on manufacturers’ maintenance schedules and specifications on all types of vehicles, Australia wide. The invoiced amount is charged to your card and will appear on your monthly Novated Driver Report. This report is accessible to clients on this website and gives you instant access to your personal budgeted information and FBT reporting.
If there are enough funds available in your packaging account, we will directly pay your registration for you. Otherwise, you will need to pay this and we will reimburse you when the funds become available.
Motorpac can arrange your Comprehensive Insurance and include this in the amount financed. Otherwise you can choose your own Comprehensive Insurance at the time of purchase and Motorpac will generally reimburse this outlay to you by either quarterly reimbursements for the term of the Lease or a lump sum reimbursement within the first 3 months per annum (depending on the lease payment structure).
Your package provides a budget estimate for the total costs associated with running your vehicle for the kilometres you have nominated. If the kilometres travelled vary significantly, we can vary the agreement to meet the changed circumstances.
Motorpac will calculate the budgeted costs of servicing, tyres and fuel from your nominated estimated kilometres. Realistic estimated kilometres are an important factor in determining your package costs.