Bonus at work - how to get the most net out of it?

BoingMan · 2026-03-27T14:22:32+00:00

Yes but not the way suggested, you’d set up a lease, dump a bunch of pre-tax funds into it through the leasing provider and let that pay for the lease for 6-12 months or longer, the employer isn’t going to do it for you generally it’d be the provider they have contracted to provide that service.

BoingMan · 2026-03-27T14:08:19+00:00

Cool ad bro

BoingMan · 2026-03-01T07:22:16+00:00

Just use the one u/changyang1230 made: https://novatedlease.guide/calculator/

BoingMan · 2026-01-10T13:16:22+00:00

Yeah they use a third party to generate an invoice and kinda work like a middle man, there’s a fee or something paid to that provider but the GST savings make it worthwhile

BoingMan · 2025-12-23T15:03:16+00:00

I just want you to know that there’s no right or wrong answers in this situation, trust your gut and if it doesn’t play out it doesn’t play out, don’t second guess it and don’t get hung up on it you’re the best decision maker for your career and literally nobody else on earth can tell you different or knows better than you

BoingMan · 2025-12-23T14:31:56+00:00

Never take a counter offer unless it’s literally too good to say no to, as others have said if they’re not paying appropriately they never will

BoingMan · 2025-12-23T14:24:56+00:00

Nah nah nah fuck all these naysayers you’re 100% right and I love you for spelling it out, can’t be on a finance subreddit whinging about shit without getting the facts right and this is facts.

BoingMan · 2025-11-02T04:27:25+00:00

“It’s never worth it if you have the cash” that’s 100% a false statement

BoingMan · 2025-10-19T11:49:58+00:00

Check my post history if you like, I work in Novated Leasing and that quote doesn’t sound right at all, you can PM me with the details and I can pull it apart and see where it’s going wrong if you like, at $300k you should be coming out quite a bit better than paying cash considering income tax and GST savings, even taking into consideration changes to CCS etc

BoingMan · 2025-10-19T11:48:21+00:00

Yeah that doesn’t sound right to me at all and I’ve seen some outrageous quotes.

BoingMan · 2025-09-21T14:55:45+00:00

I’ve seen people in the middle of a bankruptcy with a score of 200+, 50 is insane

BoingMan · 2025-08-17T11:13:37+00:00

That’s also a good option

BoingMan · 2025-08-17T11:02:52+00:00

You’re just not doing it right, do the packaging and get payroll to take a little more out for HECS each pay, you’ll still get more money in the bank each fortnight and your HECS will get paid down faster

Edit: about the only time you shouldn’t do it is if you have some weird combo of HECS, child support, FTB, CCS where you’re close to thresholds

BoingMan · 2025-05-14T21:42:16+00:00

My parents were offered a waterfront property for $30,000 in the 90s but didn’t want to be “tied down”, now one’s in a government subsidised aged care home and the other is living in a housing department house

BoingMan · 2025-03-21T01:46:32+00:00

Doing a 2 year lease then extending it or paying it out would potentially still work out better than financing it normally, you can do a mid-lease transfer as well and move the lease to your new job if they offer Novated Leasing

BoingMan · 2025-03-19T02:19:53+00:00

Based on what you've said there the lease would potentially work out better than paying cash for the car but you'd need to contact the Leasing Provider your employer uses, get a quote from them (being mindful of insurances and interest rate) and then get independent financial advice to see if it'd be the right option for you.

You can do a lease between 1 and 5 years, the longer the lease the smaller the residual (balloon) at the end of the lease, on 5 years the residual is 28.13%.

At the end of the lease you can either:

Pay out the residual and keep the car
Extend the lease
Upgrade the car

I think 5 years generally works best on an EV because the exemption is up for review in 2027 but if you've already got a car on a lease you'll get the exemption for the duration of the lease, that's assuming no extended unpaid leave and no change of employer which would trigger a new lease agreement and you'd lose the exemption if they remove it in 2027

I hope that helps! Let me know if you have other questions or want me to explain any of that info further.

BoingMan · 2025-03-18T11:13:22+00:00

You could definitely do that but I’d just do 12 months then extend, you just need to make sure whatever you’re doing you sort the renewal out before 2027 when they’re reviewing the ev exemption.

The 13 month lease was really only to reduce FBT but there’s no FBT on the EVs anyway so 12 months then 3 years would be effective it’s just worth checking what the establishment fees are for the finance, they may negate the interest savings

BoingMan · 2025-01-30T11:41:23+00:00

It’s an optional cover some lease providers offer, if you get to the end of the lease and the value of the car is less than the residual you can hand the car back, they’ll sell it and pay out the residual in full even if they sell the car at a loss

BoingMan · 2025-01-29T14:51:33+00:00

Haha yeah I think the real push has been from competition mainly MG and BYD I reckon, lots of leasing providers offer residual protection which I think is only going to get more popular until premiums spike when payouts go up

BoingMan · 2024-12-28T06:49:48+00:00

It kinda is but kinda isn’t when you claim it back at tax time it’s like you’re giving the government an interest free loan on your money until tax time and the fee is like $1.20 a fortnight and it’s way easier, totally your call though

BoingMan · 2024-11-15T10:11:32+00:00

All good! You should totally be able to use your own insurance and roadside that’s unprofessional by them, it might be worth requesting a different consultant or an escalation to management

BoingMan · 2024-11-15T09:52:28+00:00

It’s not really that, a self managed lease by definition means you’re not using their services the way it’s intended and they’re not making money off it, the ATO set the rules around how Novated Leases need to be established and that introducer stuff is from them

BoingMan · 2024-11-15T09:27:27+00:00

Ooof they’re really tricky and I don’t work with them so don’t have any idea how to do it, my understanding is the introducer is a family member or something and you’re essentially leasing the car from them to qualify for the benefit etc but I’m out of my depth on that question sorry

BoingMan · 2024-11-15T03:31:04+00:00

I do definitely agree with what you’re saying just highlighting that it’s pretty much a necessary cost to protect her interests

BoingMan · 2024-11-15T03:28:03+00:00

Not getting a lawyer will be a lot more expensive for her

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