MYOB has delivered its first two major feature releases with Flare since acquiring the HR fintech in September 2022. Novated Car Leasing enables significant savings for employees of small and medium sized businesses (SMEs), and a Benefits app unlocks deals and discounts from major retailers.
Amid rising cost of living concerns, Flare’s newest releases provide unique ways for employees of SMEs to extract maximum value from their salaries, at no additional cost to SME employers using MYOB’s cloud payroll solutions.
Novated Car Leasing drives tax-effective savings
Novated Car Leasing allows employees to reduce their taxable income by making car lease payments in pre-tax dollars, and with employers exempt from paying fringe benefits tax (FBT) on eligible electric vehicles (EVs) and associated expenses, novated leasing opens the door to additional savings for those looking to go green.
“Cars are a significant cost for consumers, making novated leasing a meaningful benefit that an employer can offer. It can save employees an average of $6,000 per year,” said Steve Price, Head of Product at MYOB.
“Before now novated leasing was a complex and time-consuming process, and it simply wasn’t practical for smaller business employers to offer. Now that Flare has automated 95% of the traditional admin required to set up a lease and service deductions, for the first time SMEs can access novated leasing services that have been available to large employers for years – and can do so at no cost.”
Big benefits for SMEs with Benefits app
The Flare Benefits app, launched earlier this year, also offers savings to small business employees. The app can be tailored to suit each business, enabling SMEs to provide consumer discounts from major retailers including supermarkets, to help employees cut costs on everyday purchases.
“It’s a completely new space for MYOB and we’re proud to empower small businesses to offer tangible savings to their employees on expenses such as groceries, cinemas, streaming services, and department stores,” said Mr Price.
“While consumers will welcome the ability to cut costs where they can, the Flare Benefits app goes beyond everyday discounts. It also includes expert resources for financial and mental wellbeing, boosting the employee benefits offered by SMEs to rival larger employers.”
Fifty-seven per cent of small business employees said benefits are a top attraction factor when considering a new role, according to a survey commissioned by MYOB. More than half (54%) said the benefits on offer make the biggest contribution to creating a good employee experience.2
With cost-of-living pressures hitting Australians hard and economic uncertainty creating cautious conditions for business owners, as well as low unemployment making recruitment particularly competitive, Mr Price says SMEs are looking for creative ways to attract and retain talent.
“Collectively small businesses are the largest employer in the country and contribute more than $7 billion to the Australian economy. Novated Car Leasing and the Flare Benefits app can help them to provide a competitive employee experience.”
Novated Car Leasing and the Flare Benefits app are available now for Australian employers using MYOB’s SME cloud payroll solutions. More information can be found via the MYOB website.
