分步说明
Gather Your Inputs
First, identify the lease payment, number of days in the FBT year, and the FBT rate. For example, let's assume the lease payment is $500 per month, the FBT year is 365 days, and the FBT rate is 47%. Additionally, note down the number of months in the lease term, the residual value of the vehicle, and the interest rate on the lease.
Calculate the Total Lease Payments
Next, calculate the total lease payments over the lease term. For example, if the lease term is 36 months and the monthly lease payment is $500, the total lease payments would be $500 x 36 = $18,000.
Calculate the FBT Liability
Using the formula, calculate the FBT liability. For example, if the lease payment is $500 per month, the number of days in the FBT year is 365, and the FBT rate is 47%, the FBT liability would be: ($500 x 12 x 365 / 365) x 0.47 = $2,820 per year.
Calculate the Total Cost of the Novated Lease
Add the total lease payments, FBT liability, and other expenses like fuel, maintenance, and insurance to get the total cost of the novated lease. For example, if the total lease payments are $18,000, FBT liability is $2,820 per year, and other expenses are $5,000 over the lease term, the total cost would be $18,000 + $2,820 x 3 + $5,000 = $33,460.
Compare with a Car Loan
To compare the novated lease with a car loan, calculate the total cost of the car loan, including interest payments and other expenses. For example, if the car loan interest rate is 6% per annum, the loan term is 36 months, and the loan amount is $18,000, the total interest paid would be approximately $2,300. Add this to the loan amount to get the total cost of the car loan, which is $18,000 + $2,300 = $20,300.
Using the Calculator for Convenience
While manual calculations can be helpful, using a novated lease calculator can simplify the process and provide a more accurate estimate. The calculator can take into account various factors like GST, depreciation, and other expenses, providing a comprehensive comparison between a novated lease and a car loan.
Introduction to Novated Leases
A novated lease is a popular salary packaging option in Australia, allowing employees to lease a vehicle using pre-tax dollars. To determine the feasibility of a novated lease, it's essential to calculate the costs involved. In this guide, we'll walk you through the step-by-step process of calculating novated lease costs, FBT liability, and comparing it with a car loan.
Understanding the Formula
The total cost of a novated lease includes the lease payments, Fringe Benefits Tax (FBT), and other expenses like fuel, maintenance, and insurance. The FBT liability is calculated using the following formula: FBT Liability = (Lease Payment x Number of Days in FBT Year / 365) x FBT Rate Where FBT Rate is 47% for the 2022-2023 financial year.
Step-by-Step Calculation
To calculate the novated lease costs, follow these steps: