How do I choose between a novated lease and traditional finance?
Consider your tax bracket, job stability, and vehicle use. Consult a financial advisor for tailored guidance.
Are novated leases available to self-employed individuals?
Generally no. Self-employed individuals need alternative finance options.
Are there mileage restrictions?
Yes, there are typically mileage (kilometre) restrictions on a novated lease, but they are flexible and adjustable depending on the lease provider and agreement.
What are the responsibilities of the employer in a novated lease?
In a novated lease, the employer plays a critical administrative and financial role, acting as the intermediary between the employee and the lease provider by deducting and forward lease payments and facilitating salary packaging.