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Assumptions Regarding The Novated Lease Calculator
Please keep in mind the calculator is meant only to provide reasonable approximations of the costs involved in Salary Packaging a vehicle.
Prices shown do not take into account the significant fleet and additional discounts that SMB can obtain for its clients.
The employer is a Company and can claim full input tax credits against vehicle expenses
For the purposes of this calculator an employees salary is defined as gross cash salary plus any vehicle allowance paid on top of the cash salary.
The Calculator defaults to Residual Values (exclusive of GST) and Final Balloon Payments (CHP on Car Allowance Finance) as follows:
12 months = 65.00%
24 months = 55.00%
36 months = 45.00%
48 months = 35.00%
60 months = 25.00%
These are the minimal residual values allowable by the
Australian Tax Office regarding motor vehicle leases.
Higher residual values are available on request
The medicare levy is calculated at 1.5% of gross salary.
There are no changes to general tax rates (company, private or FBT) during the course of the lease
Comprehensive Insurance rates are calculated at the rate of 2.00% of the value of the vehicle.
The amount financed represents the amount payable to the dealer or seller of the vehicle. For used or demonstrator vehicles assume that a full input tax credit is available to the leasing company and for new vehicles assume full GST is payable in the amount leased.
Lease and Hire Purchase payment components are based on payments made in advance.
Any savings that the calculator indicates may be made by an employee assume that the vehicle would otherwise be leased and that the employee has no business use or deductions for the vehicle.
All information contained in this site is subject to the disclaimer contained herein.