Oly talks novated leasing with Channel 9's Drive TV
Keen to get into a new car with the latest safety features?
Then you’ll want to catch Oly on Drive TV’s 4-part Drive Safer series! Meet Oly’s CEO, Kylie, as she spills the beans to host, Kris Smith, on how Oly is making novated leasing accessible for people working for small and medium businesses.
Discover how an Oly novated lease could help you get into a new car and maybe even save you thousands in tax every year. Not legend, just straight-up legendary.
Ep 1. Too good to be true? Oly makes waves in car finance
In Oly’s debut feature, Kylie explains to Kris how Oly is helping more Aussies get behind the wheel of a new car with a novated lease - maybe even saving thousands in tax each year.
3:19 watch
Ep 2. Unleashing novated leasing: some cool perks
Over surprise insurance renewals and last-minute servicing costs? Kylie shares some neat novated leasing perks – including how an Oly novated lease wraps all eligible car costs into one tidy regular payment for smoother budgeting.
2:34 watch
Ep 3. Oly opens the doors for people working at small and medium businesses
Not working for one of the bigwigs? Kylie spills to Kris how Oly is making novated leasing accessible for Aussies at small and medium businesses – not just the corporate giants.
2:04 watch
Ep 4. An EV for a petrol car price tag?!
Coming soon
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.
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How much tax could I save with a novated lease?+
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+ 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.
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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.
- 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
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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!
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 into a new car with the latest safety features?
Talk to Oly
Fill out the form or call Oly on 1300 328 182 now
Oly is available:
9am – 5pm AEST Monday to Friday
Excluding public holidays
* Questions marked with an asterisk need to be answered before you can submit the form.
Things you need to know
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.
Payment includes: Your car payments, fuel or charging, registration, tyres, insurance, scheduled servicing, fleet management fee and are exclusive of GST. The estimated annual benefit will vary depending upon salary, employment circumstances, selected benefits and applicable tax treatment. The example assumes you earn $90,000 a year, a 5-year lease term, an annual distance travelled of 15,000kms and a 28.13% residual value. Input Tax Credits (ITCs) are passed back to you by your employer. State Stamp Duty rates apply. PAYG tax rates effective 1 July 2024 have been used.
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.