The world of cars is so magical. We love cars: how they look, how they drive and how they belong specifically to us, making them seem like a small extension of ourselves. But, for most people, when they start hearing about car finance and things like Taxbreak versus novated leases, the words go in one ear and out the other. Sure, it’s not always the most interesting point of convo, but when making the right decision could save you thousands of dollars, that’s when people’s ears usually prick up again.

There’s always been a lot of discussion around Fingo’s Taxbreak system and novated leases and the eternal question of which option of ‘leasing’ a car is better. The thing is, it depends on your personal situation – so that’s why you haven’t come across a straightforward answer yet. In this post, we’ll try to work that out for you!

What is a novated lease?

Just the words ‘novated’ and ‘lease’ are confusing and scary enough to make some people run for the hills. If you were one of the brave cookies who didn’t exit your browser, we congratulate you. A novated lease is when your employer agrees to lease a car on behalf of you, with the repayments coming out of your pocket. The beautiful thing about a novated lease is that the repayments come from your pre-tax salary, allowing you to see a big benefit in the reduction of your payable tax at the end of the financial year.

When is a novated lease best?

A novated lease may well and truly be the best option for you. Here are some situations in which a novated lease could be the go:

  • Your employer offers novated leasing packages
  • You want to drive a new car, but might want to update in two years’ time 
  • You want to reduce your payable tax

What is Fingo’s Taxbreak system?

Fingo’s Taxbreak is a car finance service that has changed the game entirely. It’s specifically designed to help business owners secure new cars for business use. With Taxbreak, business-use drivers can save as much money on tax as personal-use drivers do. When it comes to novated leases, it’s not always obvious which taxes can be claimed and when. Taxbreak lays it out, plain and simple, and keeps you in the know about exactly what you’re entitled to.

When is Taxbreak best for you?

Here are some situations in which Taxbreak could be the best option:

  • You’re a business owner
  • You want to upgrade the business vehicle/fleet
  • You want to reduce your payable tax as a business

Novated leases and Taxbreak are two things that Fingo specialise in. We help you choose the best option for you, and get you the best car for the best deal. Whether you’re buying, selling, trading or leasing a car, our experts at Fingo can help you out massively.

Give us a call or schedule a chat for a time that suits you.

Fingo Finance