Oly demystifies novated leasing with the Channel 7 Cool Cars crew
Oly has joined forces with the Channel 7 Cool Cars crew - Dermott Brereton, Elise Elliott and Tegan Martin - to test drive the hottest electric cars, bust some EV myths, and crunch the numbers on how much you could save by scoring an EV with a novated lease.
Ep 1. Wheel of fortune or wheel of savings?
Oly and Dermie spin the wheel on a cool Tesla Model Y. Check it out to learn how much you could save on the OG EV with an Oly novated lease.
3:07 watch
Ep 2. Oly shares a 'wheely' awesome saving tip with Tegan
Oly tells Tegan a Seal-y awesome tip on how to get into this EV for pretty much the same weekly payments as a standard petrol car (worth $20k less)!
3:02 watch
Ep 3. Dermie is electrified by this EV charging myth
Derm discovers the myth about his 90s golden perm is nowhere near as epic as the one about EV savings with a novated lease!
3:04 watch
Ep 4. Elise and Oly head to 'Savings Town' in an MG4
Oly reveals to Elise how you could save thousands in tax by getting a MG4 with a novated lease.
2:54 min watch
How much could you save with an Oly novated lease?
Just plug in your details and Oly will estimate your regular payments and tax savings with a novated lease.
Oly's hottest cars
BYD Seal__BYD__SEA
GWM Ora__GWA__ORA
Hyundai Ioniq 6__HYU__IO6
MG ZS__MG-__ZS-
Novated lease calculator Australia
Crunch the numbers
Choose year
Choose make
Choose model
Choose variant
How much do you drive each year?
Lease length
Finance lowdown
How much tax could I save with a novated lease?+
Weekly cost
Fortnightly cost
Monthly cost
+ Estimated tax savings is the amount you could save if you salary package the car and pay for the lease payments and operating costs with pre-tax salary or a combination of pre-tax and post-tax salary, as compared to if you do not salary package and pay with post-tax salary. Please see ‘Important information about calculations’ below for further information.
Features & inclusions
Car payments
Fuel or charging
Rego
Insurance
Tyres
Servicing
Important information about calculator
Disclaimer: This calculator is an educational tool only and should not be relied on for the purpose of making a decision about a financial product. Calculations produced are estimates only that do not take your personal circumstances into account and should not be relied on as an accurate quote or offer of finance. The figures generated by this calculator are based on several factors and assumptions. To view a full list of the terms & conditions, and the applicable assumptions (in addition to those already set out in the table), click below. Oly recommends you seek professional financial and taxation advice before making any financial decisions regarding a novated lease.
Important information about calculations
Calculator assumptions
- This calculator is provided for illustrative purposes only.
- It does not take into account your personal objectives, financial situation or needs.
- Additional fees and charges may apply, along with credit assessment criteria for certain products.
- The availability of benefits is subject to your employer's approval.
- PAYG tax rates effective 1 July 2024 have been used.
Important information about calculations
All calculations on this website are for illustrative purposes only and use PAYG tax rates effective 1 July 2024.
Novated leasing calculations assume that:
- The employee contribution method has been used (pre and post-tax funds). The estimated annual operating costs includes estimates of fuel/electricity, maintenance, tyres, registration, comprehensive insurance.
- The residual cost is calculated at 28.13% for novated lease as per ATO guidelines.
- If you are an employee of a public health, charity or not-for-profit organisation, the calculator results assume you are salary packaging a novated lease above your FBT exemption cap limit.
- An indicative annual vehicle management service fee of $396.00 (incl. GST) has been included in your operating expenses. This fee may vary depending on your employer.
- The amount financed includes a finance establishment fee of $475.00 (incl. GST) which is charged by the financier.
- GST of 1/11th is payable on your ECM contributions. Input tax credits (i.e. a refund of GST) may be paid into your salary packaging account by your employer, assuming they are eligible for GST input tax credits and they will pass on the benefit to you. State stamp duty rates apply.
- Tax, benefit & Medicare levy calculations are approximate, and assumes no other taxable income is received. HECS/HELP repayments and taxation surcharges are excluded.
Please contact Oly for an accurate estimate of your annual net benefit, leasing costs and the fees that may be applicable to you.
This calculator provides general information only by using some generic taxation scenarios and some publicly available general material published on the ATO's website. It does not offer a complete overview of applicable taxation methods.
For electric vehicles, plug-in-hybrid vehicles and plug-in hydrogen fuel cell vehicles, please consider the following:
- The estimated tax savings is the amount you could save if you salary package the vehicle using pre-tax salary or a combination of pre-tax and post-tax salary as compared to not salary packaging your vehicle and paying the vehicle running and lease costs only from your post-tax funds.
- For electric car FBT exemption to apply, this calculator assumes that all of the following conditions are met:
- the car selected is an eligible zero or low- emissions vehicle;
- the value of the car at the first retail sale was below the luxury car tax threshold of $91,387 for fuel efficient vehicles and;
- the car is first held and used on or after 1 July 2022.
- Please note that, from 1 April 2025, a plug-in hybrid electric vehicle will not be considered a zero or low emissions vehicle under FBT law. However, your employer can continue to apply the exemption if both the following requirements are met: 1) Use of the plug-in hybrid electric vehicle was exempt before 1 April 2025. 2) You have a financially binding commitment to continue using the vehicle for private use on and after 1 April 2025. For this purpose, any optional extension of the agreement is not considered binding. To qualify for the EV discount, plug-in hybrid electric vehicles must be delivered by midnight on 31 March 2025. Due to high demand and stock limitations there may be some vehicles that do not meet the delivery deadline for the EV Discount. Customers are advised to confirm delivery timelines before proceeding with their order.
- Estimated running costs may include those detailed above as well as electricity.
- This calculator does not use or consider any individual’s own financial circumstances at all.
- While electric vehicles on novated lease are FBT-exempt up to the Luxury Car Tax threshold of $91,387, they are required to be reported on applicable employee payment summaries.
- Oly recommends that employees seek independent financial and taxation advice on what impact this could have to their personal circumstances, including government payments.
- Users must not rely on or consider any results generated by the calculator as personal taxation advice.
Contact Oly
Complete the form and Oly will get in touch very soon.
Keen to talk now? Give Oly a call on 1300 328 182.
Oly is available:
9am-5pm AEST Monday - Friday
excluding public holidays
*Questions marked with an asterisk need to be answered before you can submit the form.
First name__text
Last name__text
Email address__text
Mobile number__number
Employer__text
State__dropdown__ACT;NSW;NT;QLD;VIC;SA;TAS;WA
What can Oly help you with?__textarea
By submitting this form, I agree to Oly contacting me about its products, services and offerings. I understand Oly will collect my personal information and that I can read more about how Oly handles my personal information by reading Oly’s Privacy Statement.__disclaimer
Who's Oly?
Oly is the new way employees of small and medium businesses can get into their dream new car with a novated lease.
Backed by one of Australia’s largest and most trusted novated leasing providers MMS, Oly makes it EV-peasy to unlock the EV Discount and get an electric car for a petrol car price tag.
From quote to behind the wheel, Oly's digital platform makes the entire leasing process a DIY breeze. A few clicks and you’re set - no paperwork, no fuss.
What's novated leasing?
A novated lease is a super nifty way of financing a car while enjoying some sweet tax saving opportunities. You get to pay for your car and its running costs using part of your before tax salary (or entirely from your before tax salary for an eligible EV). This could mean thousands of tax savings every year — cha-ching!
Plus, those pesky car-related expenses (like petrol or charging, rego, insurance, servicing and tyres) get bundled into one cruisy regular payment. Farewell bill overload!
An electric car for a petrol car cost? Oly makes it EV-peasy
When you use a novated lease to get behind the wheel of a petrol car, only part of the payment is taken from your salary before tax.
But choose an eligible electric car and, thanks to the government’s EV Discount, your entire lease payment can be taken from before tax salary. That could mean some juicy tax savings with every pay.
But the only way to score this amazing discount is with a novated lease.
Electric
$59,818
2024 Tesla Model 3
$41,149^
Estimated tax savings
$234
Cost per week^
Petrol
$38,990
2024 Mazda CX-5
$16,737^
Estimated tax savings
$235
Cost per week^
Could you be eligible for the EV Discount and score an electric car for a petrol car price tag?
The answer is a big YES if your new car is...
- An electric car (EV)
- A plug-in hybrid electric car (PHEV) (but only until 1 April 2025)
- Financed through a novated lease
- Valued under the luxury car tax threshold ($91,387 for FY24/25)
- First held and used after 1 July 2022
Keen to get an EV without the whiplash to your wallet?
Fill out this form to kick things off, then check your inbox for a link to create your Oly dashboard login to apply online, build your own quotes, compare your favourite cars and put yourself behind the wheel of your dream ride.
Keen to talk now? Give Oly a call on 1300 328 182.
Oly is available:
9am – 5pm AEST Monday to Friday
Excluding public holiday
* Questions marked with an asterisk need to be answered before you can submit the form.
Things you need to know
References
1. EVs can be around 70% cheaper to run than a petrol car. On average, EV drivers save $1600 per year on fuel. Sourced here
2. $39million from the Federal Government and $70 million from The Australian Renewable Energy Agency. Sourced here
3. In terms of running costs - on average we all spend about $80 a week on petrol. With an EV, that cost would come down to about $20 – and even less if you have solar panels. On average, that’s a $2000 a year fuel saving. Sourced here
4. There are over 90 electric and hybrid models on the market with over 140 variants from manufacturers. Sourced here
Novated lease example:
The estimated potential tax benefit is over the full-term of the lease, is exclusive of GST and is based on the assumption that you would salary package using Employee Contribution Method (ECM) or Fringe Benefits Tax (FBT) Exempt Method. GST is payable on ECM contributions. The Fringe Benefits Tax Exempt Method is only used for eligible electric vehicles under the luxury car tax threshold of $91,387.
Weekly costs have been determined based on the following assumptions: 1) The lease is an Oly fully maintained lease, 2) A 5 year term, 3) A residual value of 28.13% of the vehicle purchase price payable at the end of term, 4) Inclusion of finance and budgeted costs for: fuel or electricity, 4 replacement tyres, maintenance, roadside assistance, registration, CTP and comprehensive insurance, 5) Gross annual salary of $90,000 6) Vehicle purchased in NSW, 7) 15,000km per annum, 8) The Fringe Benefits Tax Exempt Method for eligible electric vehicles under the luxury car tax threshold of $91,387 9) ITCs are passed back to you by your employer, 10) PAYG tax rates effective 1 July 2024 have been used.
State Stamp Duty rates apply. Displayed price is only available through a novated lease administered by Oly in New South Wales. Vehicle prices in other states may vary. Any optional extras that you choose will affect the cost of the novated lease and residual value. If you purchase the vehicle on termination of the novated lease, GST will apply on the purchase price you pay at that time. The novated lease offer is based on the assumption outlined above, and is an indicative cost approximation of the selected vehicle and model shown and the amounts may change at the time the novated lease quotation is completed and finalised. Your individual circumstances have not been taken into account as this will affect the overall weekly cost amount and the benefits of a novated lease.
^ Displayed price is only available through a novated lease administered by Oly. Estimated costs have been determined based on the following assumptions:
1) The example assumes that the EV is an eligible zero or low emissions vehicle, 2) The lease is an Oly fully maintained lease, 3) A 5-year lease term, 4) A residual value of 28.13% of the vehicle purchase price payable at the end of term, 5) Gross annual salary of $90,000, 6) An annual distance travelled of 15,000kms, 7) The value of the EV at the first retail sale was below the luxury car tax threshold of $91,387 for fuel efficient vehicles, 8) The EV is first held and used on or after 1 July 2022, and 9) Both vehicles are purchased in NSW. Additionally, the estimated annual operating costs includes estimates of fuel/electricity, maintenance, four replacement tyres, registration, CTP and comprehensive insurance, roadside assistance, and fleet management fee have been calculated on a GST exclusive basis, on the assumption that your employer will be entitled to GST input tax credits and that they will pass on the benefit to you. GST is payable on your ECM contributions. State Stamp Duty rates apply. PAYG tax rates effective 1 July 2024 have been used. The indicative price quoted for the novated lease is based on vehicle quotations received on 1 June 2024 and does not include any optional extras. Any optional extras that you choose will affect the cost of the novated lease and residual value. The novated lease offer is based on the assumption outlined in the comparison table and is an indicative cost approximation of the selected vehicle and model stated and the amounts may change at the time the novated lease quotation is completed and finalised. Your individual circumstances have not been taken into account as this will affect the overall weekly cost amount and the benefits of a novated lease. Savings shown are indicative and reflect estimated tax savings over the full-term of the lease. The total amount saved is a comparison between the costs of a novated lease with an EV and the costs of a novated lease with a petrol car. Actual savings will depend on your personal circumstances and may vary depending on the vehicle model and price. Oly recommends that you seek independent financial and taxation advice.
From 1 April 2025, a plug-in hybrid electric vehicle will not be considered a zero or low emissions vehicle under the FBT legislation. However, you can continue to apply the exemption if both the following requirements are met: (1) Use of the plug-in hybrid electric vehicle was exempt before 1 April 2025. (2) You have a financially binding commitment to continue providing private use of the vehicle on and after 1 April 2025. For this purpose, any optional extension of the agreement is not considered binding.
Savings shown are indicative and reflect estimated tax savings over the full-term of the lease. The total amount saved is a comparison between a novated lease based on the assumption outlined above and the purchase of a vehicle and payment of running and maintenance costs using post-tax earnings. Actual savings will depend on your personal circumstances. Oly recommends that you seek independent financial and taxation advice.
Things you need to know:
This general information doesn’t take your personal circumstances into account. Please consider whether this information is right for you before making a decision and seek professional independent tax and financial advice. Terms, conditions and fees apply, along with credit assessment criteria for lease products. The availability of benefits is subject to your employer’s approval. Oly may pay and/or receive commissions in connection with its services. Actual vehicle prices are based on specific vehicle and accessories, prices and savings may vary based on additional options selected with vehicle. Oly does not act as your agent or representative in respect of the leasing of any vehicle and at the end of the lease, the possible purchase of any vehicle. Oly does not provide any advice or recommendations in relation to the leasing of any vehicle and at the end of the lease, the possible purchase of any vehicle.