Calculator Terms & Conditions of Use

Information generated by this Novated Lease Calculator is not intended and should not be taken to be Taxation Advice of any kind.

You should not rely on the calculations derived from this Calculator without first obtaining advice from your tax adviser. ORIX Australia Corporation Limited A.B.N. 79 002 992 681 (ORIX) and the authors of this Calculator expressly disclaim all and any liability and responsibility in relation to information generated by this Calculator.

General Terms & Conditions

To enter into an ORIX Novated Lease, your employer will need to have a business relationship with ORIX.

The Novated Lease Calculator is a comparative analysis program, designed by ORIX to calculate a reasonable estimate of the Novated Finance Lease payments and associated vehicle running costs for Salary Packaging.

It is important to note that the figures contained in and forming part of the analysis should not be treated as a definitive formal ORIX Novated Lease quotation.

ASSUMPTIONS & OTHER CONDITIONS applicable to the Novated Lease Calculator

Your Employer is an incorporated company and registered for GST.
You (as Employee/Vehicle Driver) will not use the vehicle for any business purpose.
The current Individual Income Tax Rates have been used assuming you are an Australian resident for Tax purposes and that the full Medicare Levy of 1.5% applies.
There is no purchase option but the residual value is payable if the vehicle is not returned to ORIX at the end of the lease. However, at or just before the lease ends, you can make an offer to buy the vehicle.
Your quoted Gross Salary is equal to your Taxable income (ie gross cash salary excluding benefits).
There is no change to the company or individual tax rates or the Medicare levy during the period in which the vehicle is leased.
The Retail Price does not include on road costs or luxury car tax however an allowance for these costs is included in your quote estimate under "Amount Financed".
The "Running Costs" used in the Calculator are based on a reasonable estimate for the vehicle selected and may vary to some extent to those running costs included in a formal ORIX Novated Lease quote.
The "No Salary Package Option" assumes that you would otherwise purchase the vehicle using some form of personal finance under which the amount of the residual represents the final balloon payment.
The Fringe Benefit Tax Rates are based on the Statutory Cost Method and default to the current standard applicable rates under Australian Taxation law.
Typically, the range for residual values for Novated Finance Leases are those appearing in the Residual Value Range column below. The residual value percentages used by the Calculator (as shown below) reflect the safeharbour "Minimum Residual Value" percentages as set out in Australian Tax Office determination TD 93/142.
However, the actual residual value that will be incorporated in a formal ORIX Novated Lease quote will likely differ from the Calculator figure as it will more accurately reflect the estimated market value at lease end of the particular vehicle being leased.
All payments and rentals are on the basis of being monthly in advance. It is also assumed that the vehicle will be sold at or immediately following lease end.