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1 A Guide to Novated Leases

2 Improve the Weekly Budget A holiday, new clothes or just a bit more money in the wallet; whatever the reason, everyone should consider the potential improvements a Novated Lease can make to any weekly budget. It s as easy as calling sgfleet and taking out a Novated Lease on a motor vehicle. sgfleet may even be able to buy a driver s current vehicle and lease it back. The information contained in this brochure will give a basic introduction to a sgfleet Novated Lease. What is a Novated Lease? A Novated Lease is simply an arrangement between an employee, their employer and sgfleet that may help a driver to save money on their next vehicle purchase. A Novated Lease will allow a driver to save money on their personal motor vehicle and operate it in a tax and cost-effective manner. This is called a salary packaging arrangement. There are many benefits to this style of arrangement, from potential income tax savings, through to registration, insurance, fuel and maintenance all being net of GST, plus access to sgfleet s vehicle fleet discounts. Any vehicle can be chosen that suits each individual s lifestyle and budget, from a sedan or wagon, or even a 4WD or sports coupe. In addition to purchasing a brand new vehicle, used vehicles can also be leased which includes sgfleet s selection of quality ex-lease vehicles. The current selection can be viewed at Because individual financial situations differ, sgfleet has designed a calculator, available at in order to allow individuals to better understand the savings that are available. Or alternatively, one of the friendly Novated Sales Consultants at sgfleet can be contacted to discuss the best possible solution. Turn the Weekly Budget From This... NON-Salary Packaging (weekly) Net Income $1, Mortgage / Rent $ Car Loan $ Food $ Bills $ Living $ Fuel $50.00 Car Running Costs $ Total Expenses $1, Balance $ Into This! Salary Packaging (weekly) Net Income $1, Mortgage / Rent $ Car Loan $0.00 Food $ Bills $ Living $ Fuel $0.00 Car Running Costs $0.00 Total Expenses $1, Balance $80.00 sgfleet is a global fleet management company with over 25 years experience and offers expert knowledge, great savings and superior service on a full suite of Fleet Management Services. From a range of salary packaging options and Novated Leases for individuals to Corporate Leases for fleets, sgfleet can tailor a solution for every need....sgfleet has designed a calculator available at in order to allow individuals to better understand the savings that are available.

3 What s Included in a Novated Lease? Simplicity for the driver is the aim, so most vehicle related expenses can be included in an sgfleet Novated Lease. Optional inclusions and their benefit: Comprehensive Insurance Comprehensive insurance can be included in the monthly rental of a Novated Lease with premiums fixed for the life of the lease. The financial benefit is that insurance premiums are paid from pre-tax salary, ensuring tax savings. Another benefit of the specifically tailored comprehensive insurance offering is that in the event of Salary Packaging inclusions total loss, the greater of market value or lease payout is paid, ensuring no concern about potential gap payments. LeaseGuard One fixed payment in line with the payroll cycle, for the life of the lease Vehicle purchase, including direct delivery and a full tank of fuel Maintenance in line with the manufacturer s log book* Fuel card to purchase fuel for a nominated number of kilometres* Replacement tyres included up to an agreed number or budget* Registration and CTP costs included Comprehensive Insurance Roadside Assistance* Optional payment protection in the case of illness or unemployment Extensive range of vehicle accessories* * Paid with pre-tax salary, net of GST LeaseGuard provides cover to drive a Novated Lease vehicle with confidence and peace of mind. In the event of involuntary termination or retrenchment, LeaseGuard will cover monthly finance payments on the vehicle for a period of unemployment (limits apply), whilst still allowing the vehicle to be driven. Contact sgfleet for more details. Auto Credit Program The sgfleet Auto Credit Program gives complete peace of mind with the program ensuring lease payments are covered through periods of accident or sickness (limits apply). As with the comprehensive insurance, premiums can be paid out of pre-tax dollars providing, tax saving benefits. A Novated Sales Consultant at sgfleet can discuss including this program in the lease. Extended Warranty If a driver is considering keeping the vehicle at lease expiry and wants the benefits of an extended warranty program, then a sgfleet consultant can be contacted to discuss including an extended warranty program within the lease. Payments will be made from tax-free dollars, so the financial benefit will be received from day one. This program is fully transferable and worth considering even if the driver plans on selling the vehicle at lease end. Roadside Assistance The Roadside Assistance Service ensures that drivers won t be left stranded and offers drivers immediate assistance in case of the unexpected. The Roadside Assistance Service will assist from a simple jump start to minor mechanical repairs 24/7, 365 days a year, anywhere in Australia. The package has been tailored to suit the needs of drivers. Benefits of Novated Leases Financial A portion of the vehicle finance and running costs are paid using pre-tax dollars, potentially providing income tax savings. Vehicles may be financed net of GST and additional savings can also be achieved through sgfleet s purchasing power. Flexibility A Novated Lease gives the flexibility to choose almost any vehicle, new or used, including an ex-lease vehicle from sgfleet. The term of the lease can be chosen as well as any extras to the vehicle, including window tinting and DVD players that are paid with pre-tax dollars. Convenience Convenience is everything, so sgfleet have included an easy payment option that is managed by sgfleet and the employer, and includes the vehicle running costs like maintenance, fuel, insurance and registration. Hassle-free budgeting can be enjoyed with the costs known in advance, with the lease payments fixed for the term of the arrangement.

4 Case Studies sgfleet understands that everyone s financial and personal situations are different and have provided these two case studies to demonstrate the importance of sgfleet understanding each person s position before providing a firm quote. To find out the potential savings available under a salary packaging agreement, call sgfleet on Case Study #1 Charlotte is the Operations Manager at a national organisation and earns $195,000 per annum before tax. She lives near work but likes to get away on the weekends on a regular basis. Charlotte requires a large car and will travel 40,000 kilometres per annum. She has selected a 4-year lease term. In the below example, Charlotte is over $180 per week better off under a salary packaging arrangement rather than purchasing the vehicle outright with post-tax dollars. Salary Packaging Outright Purchase Gross Salary $195,000 $195,000 Less Salary Sacrifice $16,956 $0 Taxable Income $178,044 $195,000 Tax on Taxable Income $56,496 $64,225 After Tax Contribution $9,361 $28,013 Net Income $112,187 $102,762 Weekly Net Income $ $ Case Study #2 Daniel is a full-time worker, new to the workforce. He earns $45,000 per annum and is looking to lease a vehicle with a drive away price of $14,420. He travels just over 20,000 kilometres per annum and is looking for a 4-year lease term. In the below example, Daniel is over $50 per week better off under a salary packaging arrangement than purchasing the vehicle outright with post-tax dollars. Salary Packaging Outright Purchase Gross Salary $45,000 $45,000 Less Salary Sacrifice $6,708 $0 Taxable Income $38,292 $45,000 Tax on Taxable Income $5,612 $7,725 After Tax Contribution $2,800 $10,179 Net Income $29,880 $27,096 Weekly Net Income $ $ Novated Lease FAQs Q. Is Novated Leasing for everyone? Novated Leases are beneficial for about 80% of people who drive a car. The three variables which affect the savings that can be gained from a Novated Lease are: Income The cost of the car How many kilometres per year are driven An sgfleet consultant can be contacted to obtain a quote to get a better idea of how much can be saved under a Novated Lease arrangement. Q. Is there a limit on the type of vehicle that can be novated? One of the benefits about Novated Leasing is that there are generally few restrictions on the type of cars that can be novated. Novated Leases are typically used for personal cars (as opposed to company cars), so it is generally up to the employee to choose their own car. Vehicles over 1 tonne in payload carry certain conditions and motorbikes cannot be financed under a Novated Lease agreement. In addition, some employers may put restrictions on the types of cars that can be purchased under a Novated Lease. Q. Can a Novated Lease be obtained on a used car? Yes. In addition to new vehicles, Novated Leasing is available for used vehicles, or even a driver s existing vehicle. sgfleet also has a selection of premium ex-lease cars. These vehicles are of excellent quality and in most cases, only 2 to 4 years old and have been regularly serviced and maintained. To see the selection of cars available visit Conditions do apply around the age, type of vehicle and number of kilometres on used vehicles. For more information contact one of sgfleet s consultants. Q. Does the car need to be used for business to save tax? No, the vehicle does not need to be used for business purposes to save tax under a Novated Lease arrangement. In fact, generally Novated Leases are better suited for vehicles with mainly private usage. Under a Novated Lease, the main variable that affects the amount of tax savings that can be achieved is the number of kilometres driven per year. Q. What is Fringe Benefits Tax? Fringe Benefit Tax (FBT) is a Federal Government tax imposed on employers on the value of certain fringe benefits that have been provided to employees in respect of their employment. The FBT year runs from 1 April to the following 31 March. sgfleet makes FBT calculations simple with a range of easy to use solutions including online calculators. The salary sacrifice amount and after tax contributions are approximate only and are calculated based on the cost of finance as at March Running costs included in the comparison are maintenance, initial and annual registration, comprehensive insurance, roadside assistance, up to 4 replacement tyres and a monthly provision for fuel. Please also refer to the disclaimer on the back page.

5 Want to Know More? At sgfleet we believe in the consultative approach. We prefer to talk to you, answer any questions you may have and ensure you totally understand our Novated Lease solutions. For more information on Novated Leases and to find out exactly how much you can save, call one of our Sales Consultants now on sgfleet have made every attempt to ensure that the material contained in this brochure is factually correct. sgfleet does not purport to offer legal, financial or taxation advice. Employers and employees should seek independent advice as to the implications of a Novated Lease transaction. The salary packaging amounts and take home pay calculations set out are estimates only. While due care is exercised by sgfleet to ensure integrity of the estimates it does not make any warranties, express or implied as to its accuracy or completeness. Note that the amount of any FBT actually paid by the employer is not within the control of sgfleet and is dependent on a number of factors, including the characterisation by the employer of the type of benefit received by the employee and the actual level of usage by the employee of the motor vehicle for both private and business purposes. Employees should ascertain from the employer how it intends calculating the amount of any FBT which it will pay in relation to the benefit provided in connection with the proposed lease. Based upon that information, the amounts of the provisions set out in this brochure may need to be varied. Full terms and conditions are available on request

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