How novated leasing helps contractors save on a new car

Oncore offers novated leasing as part of their contractor services.

How novated leasing helps contractors save on a new car

Oncore has partnered with industry leaders, nlc, to change the way people buy, sell and manage their cars for the better with novated leasing

As one of Oncore's many contractor services, a novated lease is an ATO-approved car finance option that allows you to treat your personal car like a company one. It's a three-way agreement between you, your employer (Oncore) and a financier (nlc). As one of the most cost-effective car ownership options for Australians, it allows you to access income tax and GST savings, as well as extra fleet discounts and the ease of having a fully-maintained car.

Here are the top three benefits a novated lease brings to contractors:

1. Car buying expertise

With nlc, you have access to in-house market knowledge on car pricing, dealer margins and resale value, meaning you're able to get the best deal for both your new car and your trade-in. Handling everything from organising test drives and car purchases, through to filing the paperwork and delivery, nlc makes it easy.

Oncore and nlc have teamed up to bring the benefits of novated leasing to contractors.Oncore and nlc have teamed up to bring the benefits of novated leasing to contractors.

2. Salary packaging

There are no longer any requirements around minimum kilometres or salary.

A novated lease with Oncore and nlc is fully maintained, which means the operating expenses like fuel, servicing and repairs, tyres and registration and insurance are bundled into the lease agreement, along with the financing costs.

It also brings income tax and GST savings. In order to cover your running costs, Oncore will deduct a regular payment from your salary (some of which is pre-tax), meaning your taxable income is lowered.

There are no longer any requirements around minimum kilometres or salary, so a novated lease is open to everyone.

3. Trade Advantage

With nlc's expert knowledge, you can find the best option for your trade-in. There is no charge and no hassle, which means more dollars in your back pocket.

nlc's trade-in options leave your wallet in a healthy state.nlc's trade-in options leave your wallet in a healthy state.

How can you get a novated lease?

Novated leasing is offered as part of the salary packaging management Oncore provides to its professional contractor clients. With this, much of your administrative burden is eased, and you'll know that everything is being handled with full compliance and zero-risk. If you have further questions about the ins and outs of novated leasing, you can visit nlc's FAQs page.

Want to find out more about our contractor assistance options, including novated leasing? Contact the team at Oncore today.