Maximise your employee benefits
A tax-effective way for your employees to finance
and run their vehicle of choice
Retain valuable employees, increase employee satisfaction and become an employer of choice with an ORIX Novated Lease.
Electric Vehicles are now more affordable than ever
The Government has passed the Treasury Laws Amendment (Electric Car Discount) Bill 20221 to exempt (non-luxury) electric cars (including battery electric cars, hydrogen fuel cell electric cars and plug-in hybrid electric cars) from Fringe Benefits Tax.
The exemption applies to battery electric cars, hydrogen fuel cell electric cars and plug-in hybrid electric cars acquired via a Novated Lease, priced below the luxury car tax threshold ($84,916 for the 2022-23 income year) that are purchased on or after 1 July 2022.
Transition to ORIX
ORIX operates a structured transition process that provides maximum support and ensures the transition process is as smooth as possible for all concerned. During transition we:
- Leave existing lease finance in place so employees do not incur early termination charges
- Take over management of inlife services and budget monitoring at no additional cost
- Capture year-to-date FBT payments from the incumbent provider and provide full FBT reporting
- Provide employees with secure logins for our online and mobile customer interfaces (for example the ORIX Novated Companion App) to allow them to manage their accounts and transactions effortlessly.
Education to employees
Putting Novated Education Managers in front of your people is the most effective way to educate your staff on how ORIX Novated Leasing works and how it can benefit them. ORIX’s team of national on-site educators are skilled to demystify the complexities of Novated Leasing and excite them about its potential savings.
Every ORIX Novated Leasing customer has its own dedicated website that can be accessed via your company intranet for employees to book an education session or find important information on ORIX Novated Leasing.
We can arrange events to promote and market ORIX Novated Leasing to your workplace. From high impact activities to free coffee and muffins, we will work with you to develop on-site activities that meets your needs for both frequency and type of activity.
Calculate how much your employees can save
Find out how affordable ORIX Novated Leasing is
Calculate the impact on salary and savings now.
The ORIX Novated Companion App gives your employees transparency and visibility of their lease, budget and reimbursement information. Integrating with ORIX OneView, to give employees real- time visibility of all transactions, as well as access to useful information like the location of service centres, how to replace a fuel card or to access breakdown assistance.
Driving employee satisfaction
When WSP Australia required a new Novated Leasing partner, ORIX provided the support that made a previously complex process easier than ever.
Request a capability statement
An ORIX Novated Lease offers employees a simple and convenient way of including a vehicle in their salary package. Finance and running costs are GST-free and collected (in part or in full) from an employees’ gross salary, reducing taxable income and potentially optimising take home pay. Your employees can also save, with fleet discounts on vehicle purchase and running costs such as maintenance, tyres and fuel. Your employees can choose a vehicle that suits their lifestyle and business needs and even keep the vehicle if they change jobs.
Your employee chooses the car they want and enters into either a Finance Lease or operating lease with ORIX. Your employee, the employer and ORIX enter into a Novation Agreement under which the employer assumes the payment obligations under the lease (the employee remains responsible for the use and maintenance of the vehicle). The employer deducts the lease payment from the employee’s salary and makes the lease payments to ORIX. (The lease payments include maintenance and operating costs depending on the employee’s choice of services.)
If the employee leaves the company before the lease expires, the employer must notify ORIX. The novation ceases and the employee then becomes responsible for making the lease payments.
The employer pays the GST on the lease rentals and, provided the employer can claim the input tax credit, the amount of the GST is not passed on to the employee. During the lease term, the employer is also responsible for the calculation and payment of FBT. ORIX can provide reports to help you with your FBT compliance.
Novated Leasing is one of the very few staff benefits you can offer to your employees at minimal cost to your business. Offering employees more benefits can lead to greater job satisfaction company-wide.
With an ORIX Novated Lease, your employees can achieve significant savings in upfront vehicle purchase prices, running costs and time, with greater flexibility and choice of motor vehicle. Other employee benefits may include:
- Income Tax savings
- GST savings
- Access to fleet discounts
- Fuel savings
- Increased certainty around budgeting and cash flow
- Flexible lease terms.
Offering your employees ORIX Novated Leasing also gives you the convenience of centralised Fleet Management of your employees’ vehicles.
Some HR and payroll managers believe that Novated Leasing attracts a whole lot of additional administration, e.g. maintaining policy, salary deductions, remittances, budget reconciliations and of course dealing with FBT. All valid concerns if the wrong provider is appointed. At ORIX, we take care of the heavy lifting and help you with administration and paperwork. One of our Novated team will become your main point of contact to ensure the experience for you and your employees is as smooth as possible.