A novated lease is a great way to buy a car and get tax benefits simultaneously. It's an innovative concept, unique to Australia, which draws together you–the soon-to-be car owner–your employer, and the financial service provider, to help you buy a car. The process is simple, and the tax benefits make getting a novated lease more appealing.
Now all you need to do before you take the leap and apply is figure out whether you are eligible for a novated lease. You'll be glad to know that novated leases have been designed to ensure that just about everyone is eligible for one.
There are four simple prerequisites which need to be met if you are to take out a novated lease on a car. These requirements are simple, making it more straightforward for you to get a tax break when buying a car.
These are the prerequisites for a novated lease:
There really are so few prerequisites to getting a novated lease, you would be forgiven for thinking there's a catch. Here are a few myths about novated lease eligibility which you may have believed to be true:
If you are considering applying for a novated lease, get in touch with us. The Fingo team is happy to answer your questions and help you get a novated lease.