The amount you can save in tax with a novated lease can be significant. And you can save regardless of what healthcare income band you're in, as long as you are paying tax.
Here's a hypothetical example where a Department of Health employee who leases a Tesla Model 3 RWD with a purchase price of $66,100 over a 5-year term.
For this calculation we've assumed the healthcare worker is based in NSW and has an annual pre-tax salary of $120,000. For the comparison, we've used a car loan interest rate of 7.5% p.a. and car running costs (insurance, registration, servicing and tyres) based on 15,000kms annually. The vehicle is eligible for the FBT exemption for zero and low emission vehicles.
Of course, this is just an example. The actual numbers will depend on your circumstances and the car you buy. But it gives you an idea of the potential savings for nurses, doctors, physios, OTs, pharmacists and anyone else employed by a department of health eligible for a novated lease.
An increasingly popular option for healthcare professionals we work with is to novate a zero or low emission vehicles. This is due to the generous fringe benefits tax (FBT) exemption that applies. It means there is $0 FBT to be paid by you or your employer which adds up to thousands of dollars in extra savings.
You can view a full list of the vehicles that are eligible for the FBT exemption to see what options are available.
We can help healthcare workers across all of the state and territory government health departments with novated leasing a vehicle:
Even when the employer has a preferred salary sacrificing partner (which is often the case for health workers), our team will work to provide you with a highly competitive quote.
"The other companies were quite satisfied in quoting excessive costs and simply failed to follow up in a prompt manner, if at all. NLA, Eddie and their support team have been excellent to deal with and all in all I have had a very easy and painless introduction to novate leasing. I have no hesitation in recommending NLA and Eddie." - Chris Kalmar