Employer info

What’s a novated lease and how could it help my business?

Oly’s got all the answers

Oly puts small businesses in the driver’s seat

Imagine putting your employees behind the wheel of their dream car while also giving them the opportunity to save thousands of dollars in tax every year. That’s an Oly novated lease, and it’s an incredible perk you can offer to help your employees get the most out of their salaries.

By bundling car payments with driving costs like fuel, insurance, rego, servicing and even new tyres – and taking part of that payment from their before-tax salary (and, for eligible electric cars, the entire payment can be taken before tax), a novated lease could allow your employees to stretch their earnings further.

For too long, novated leases have been the kind of perk only big corporations could offer, but Oly’s changed the game by making them available to more people, no matter how small the business they work for. Not legend, legendary.

Oly makes it easy too, guiding employers through the whole process, from sign-up and setting up the automatic salary deductions and end-of-year reporting.

The heart of your business is your team, and scoring them a car with an Oly novated lease is a great way to keep your team happy.

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Novated leases: what’s in it for my business?

Oly takes you through the details of novated leasing and shows you how easy it is to offer it to your team.

1:30 minute video

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Helping your team get into their dream car while giving them the chance to score big tax savings? Way to earn that ‘World’s Best Boss’ mug!

Big business benefits for small businesses

Help your employees make the most of their pay by tapping into their before-tax salary, which is a great way to attract (and retain) the best team. Big businesses have been offering their employees novated leases for years, but Oly makes it easy for small-to-medium businesses to take advantage of them too.

Oly makes it easy

Once you’re set up with Oly, you’ll get access to the Business Hub, your one-stop-shop for all your reports, signed agreements, and information requests, as well as a comprehensive help centre with videos, guides and answers to any questions you might have.

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It’s as easy as 1, 2, 3!

Register with Oly

Create an account to get access to your Oly Business Hub, where you can communicate with Oly and access a one-stop-shop help centre.

Approve the agreement

Give your employee’s novated lease agreement the tick online so Oly can get them on the road quickly.

Set up Oly AutoPay

Add your direct debit banking details and Oly AutoPay (powered by Stripe) will handle the regular novated lease deductions, so you can focus on running your business.

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The Oly fan club

Oly is proud to make novated leases accessible to small and medium businesses. No wonder people love Oly. Here's what they have to say!

Employer FAQs

See all FAQs

Who is Oly?

Oly is Australian-owned and operated, and backed by the McMillan Shakespeare Group (MMS), one of Australia’s largest and most trusted salary sacrifice and novated lease providers. Oly's mission is to make novated leases available to more Aussies, not just people who work for big corporations.

What is a novated lease?

A novated lease is an ATO-approved way of financing a car that bundles payments for the car with eligible on-road costs like fuel or recharging, insurance, rego, servicing and even new tyres. By taking part of the payment from the employee's before-tax salary (or all before tax if they use a novated lease to score an eligible electric car), a novated lease could end up saving them thousands of dollars in tax every year.

Is there a cost to our business?

All employers need to do is help Oly set up the novated lease in your payroll processes and include the lease as part of your BAS and FBT reporting. Employers can pass the costs and fees associated with novated leasing to their employees, reducing the costs and inconvenience to your business. Get in touch to talk about the details.

How does novated leasing make my business more attractive to employees?

By bundling all your employee’s eligible car-related costs – including the price of leasing the car itself - into one payment taken directly from their salary, Oly makes having and running a car easy and affordable. And since part of that payment is taken from their pre-tax salary (or entirely pre-tax in the case of eligible electric cars), your employee could get more from their salary and may pay less tax too. An employee would see that as a pretty significant perk of their job.

How does Oly support me?

Oly is there with you all the way, from creating your account and signing your employee's novated lease agreement, to setting up the regular payments using Oly AutoPay (powered by Stripe). Oly's Business Hub includes all the information you need to complete your business activity statement (BAS) and fringe benefits tax (FBT) reporting, while the comprehensive help centre has step-by-step guides for setting up new employees, what to do if your employee leaves your business and more.

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