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E-Bike
Save on tax and help your health and the environment at the same time.
Miles more benefits
The environmental and exercise benefits of electric bikes are making them increasingly popular. Now you have the opportunity – depending on which company your e-bike comes from – to package an e-bike you use mainly for travel to work, with a novated lease, just like a car, for real savings.
Miles more benefits
Apart from the very real health and environmental advantages of riding an e-bike to work, there can be significant cost savings. These can grow even further if you salary package your e-bike. This is usually done through a novated lease arrangement, which some e-bike providers can arrange. They work out regular payment amounts and organise all the relevant documentation. Once you, they, and your employer, have signed off, you’ll be on your way to saving tax.
Your e-bike must be used primarily for travel to and from work – according to the ATO, any use of the bike outside of this must be incidental and minor. You’ll need to keep a logbook for the first three months to show your travel is predominantly between work and home, or carrying out work-related duties.
Running costs can also be covered. These can include regular servicing, and will be part of your regular lease payment as calculated by the provider. Your employer will cover the GST, meaning you save an extra 10% on top of income tax savings.
What you need to do, and what you should know:
· Arrange an e-bike novated lease with a provider.
· Submit your completed E-Bike Application Form, signed novation agreement and Payroll Advice Form (from your provider) to us for processing
· Once we’ve processed your application, we’ll send you an email outlining all the details, including your first pre-tax salary deductions. Then you’ll be ready to enjoy your new e-bike and the tax savings that come with it!
How Much Could I Save With Salary Packaging?
Using your pre-tax salary to pay for things allows you to increase your disposable income and pay less tax – often thousands of dollars less each year. There are dozens of items you can potentially salary package, but some depend on your employer and the industry they work in.
It’s all fully approved by the Australian Taxation Office, however it pays to seek specialist clarification from us to ensure you gain everything you’re entitled to, and make the process of setting up your package easy. You can use our calculators for indicative savings, or talk to us today to find out more and the next steps to take towards saving!
Calculate Your Savings
Save On Your New Car
Salary packaging your next car is a good decision; see how it can work for you. Call 1300 303 357 and speak to one of our friendly specialists.
Get In Touch!
Find out how much you can save on a new or used vehicle with a novated lease through SalaryMasters. Enter your details and we will get in touch with you shortly.
