A novated lease is a three-way agreement between you, your employer and a finance company. It sounds complex, but it's actually pretty simple and most accountants and employers are well versed in the process.
Through a novated lease, you can finance your Polestar by deducting lease payments from your pre-tax salary. This arrangement can result in significant tax benefits.
The benefits of novated leasing a Polestar
01.Less income taxPayments are made from your salary before tax is taken out; which can reduce your taxable income and the amount of tax you pay.
02.GST savingsWith a novated lease, there is no GST payable on the vehicle purchase price, fuel, and vehicle maintenance and repair costs.
03.Fringe benefit tax exemptionIf you are an employer or an employee who drives an electric vehicle you may be eligible for a fringe benefit tax (FBT) exemption. For employers, this can reduce the cost of providing a vehicle to an employee, as FBT does not need to be paid. For employees, it can mean that the cost to access a vehicle may be reduced, as the FBT liability is not passed on.
How to get started
If you're just getting started:
If you're just getting started, and would like some help, get in touch with our team and we'll guide you through the process. Our team can recommend a leasing provider, and help you to reserve a Polestar of your choosing. We work with a range of leasing providers in Australia and have ready made documentation to share with your organisation.
If you or your company already have a novated leasing provider, such as SGFleet, then go right ahead and reserve a Polestar of your choosing. You'll need to pay a fully-refundable holding deposit online to reserve your vehicle and take it off the market. Once your Polestar is reserved, we'll provide you with all of the necessary documentation that you'll need to finalise your novated lease.