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Home loans and other credit services are provided by Credit Representatives of N1 Loans Pty Ltd ABN 36 142 259 854, Australian Credit License Number 473016. Fund management services are provided by N1 Venture Pty Ltd ABN 83 602 937 851, Australian Financial Services Licence Number 477879.

 

Copyright © 2020 by N1 Holdings Ltd. All rights reserved. Privacy Policy

Do You Qualify?

There are many misconceptions about salary packaging so we try to answer the main ones with our FAQ sheet. Feel free to write to us our call if you have any questions we have not covered.

What is the Salary Saver finance product?

  • The core finance product of Salary Saver is a novated lease. A novated lease is a three-way salary sacrifice agreement between employer- financier-employee.

How will salary packaging affect my pay?

  • Each pay cycle, your employer’s payroll department deducts a nominated portion of your salary before tax is applied. With direct debit consent from your employer, funds will be credited to us on 5th of each month

  • Then these funds will be nominated to pay for your chosen benefits (e.g. finance lease, fuel payment, insurance premium, registration renewal etc.)

  • The remaining funds will be remained in the account as budget fund

  • The rest of your salary gets taxed. Good news, some of your salary has been taken out before tax, therefore you are taxed on a lower amount

  • Your post-tax salary is then deposited into your bank account as usual

  • Effectively you are paying less tax from your gross pay; your disposable income is increased. You will take home more pay at each pay cycle.

  • Yes, that’s correct. We will pay all your bills for you!

 

Is there a management cost?

  • Yes, but Salary Saver management fees are set at $29.16 per month

 

What happens if I change jobs during the lease term?

  • It is ok to change jobs during the lease term. Your lease can be transferred to new employer, if this occurs, you may have a few options available to you such as:

  • Pay-out the total owing and buy the vehicle outright

  • Continue to pay the lease and all running cost yourself

  • Transfer the lease to your new employer ( subject to your new employer’s acceptance and approval)

 

What if I go under or over my expense budget?

IF YOU HAVE SPENT MORE THEN BUDGETED…

  • We will contact you to discuss and adjustment on your regular payments to ensure you can cover the higher amount

  • You will have access to your online salary saver account; contact us immediately if you notice your budget is being overspent.

 

IF YOU HAVE SPENT LESS THEN BUDGETED…

  • Account reconciliation will happen 60 days prior to the end of your lease term

  • If there are surplus fund in your account, we will send the funds to your employer. Your employer will then deduct income tax and pass the remaining balance back to you

 

Why choose Salary Saver?

  • A better deal on the cost of your car

At our dealership, we will offer the best purchase price and pass on your entire eligible fleet discount to you. We sell a large number of vehicles from our dealerships across our brands. With our buying power means we get competitive prices on new cars on top of your fleet discount for salary packaging.

  • Great Tax Savings

Finance a new car through Salary Saver, you don’t pay GST on the purchase price. 10% instant saving plus monthly repayment on the lease are made with your salary before tax, immediately reduce your taxable income and increase your take home pay.

  • Convenience

We act as your administrator for your lease including sourcing for new wheel, financing and maintaining your running cost of the car, pay all your bills for you, renew all your insurance yearly and save your time. Hassle free for you

  • Budget your cost

We help your monthly expenses and budget. In any circumstance, if your vehicle breakdown, rather than big lump sums – including vehicle registration, insurance yearly renewal, scheduled vehicle service bill and etc

  • Employee Choice

You can choose any make and model you want to drive, new or a used car even your existing car. You can choose the salary saver package you wish to have.

 

Do I get a Fuel Card? Yes, you will.

A) Convenience

You can add fuel at any fuel stations

You will have access 24/7 to your fuel account online

You can use your fuel card to pay for servicing when your vehicle is due for service

B) Control

– Running Cost budget and improve your company cash flow

– Flexible options to restrict and control usage for employees

– Peace of mind and pin restrict security

C) Reporting

– Fully itemized statements with separate GST & Non-GST items

– ATO- approved monthly statements

– Say “No More” to receipts

– Record odometer reading, no more Log book

D) Savings

– Save time and money

– Partner benefits and Fleet discounts

– Save on running cost e.g. Fuel

– Tax deductible

 

What happen if I have lost my fuel card and I need to pay something with own cash?

  • Fill in a reimbursement form and provide all receipts. Reimbursement will take place on 15th of following month. If the 15th fall on the weekend, allow 3 days of lead-time. Funds should be clear at your account.

 

Benefits of Salary Saver

There are benefits of using Salary Saver for both the employee and the employer

Employee Benefits

  1. A substantial DISCOUNT on the purchase of your next vehicle

  2. You will most likely pay less tax and a quote will evaluate that for you immediately

  3. Salary Saver reduce the running costs of your vehicle and it will manage your bills and commitments for you

  4. A comparison with your existing bank arrangement for finance

  5. Dealership can source the vehicle as well as set everything up for you with servicing, fuel, parts and accessories and insurance. We will guide you carefully through the whole process

  6. With Salary Saver we prefer to set it up so that you have zero FBT and no excess residual payments to make at the end of your lease.

  7. If you have ever had a bad experience with salary packaging then you will find we have fixed all the problem areas with Salary Saver

 

Employer Benefits

  1. Salary Saver provides a free service to your employees that would give them more take home pay and cost you the employer nothing

  2. The employer reduces their risk of litigation from work practices and enhances their employee benefits at no cost to your business

  3. Salary Saver improves your employee safety during and after hours while improving employee retention

  4. With Salary Saver we have structured the payments to have zero FBT at the end of the financial year

  5. The payment invoices come in monthly and are very easy for a payment department/person to follow

  6. There is a financial benefit to the employer from payroll

Call N1 Car Lease Today on
1300 001 118