Can I use the leased car for both work and personal use?
Yes, novated lease vehicles can be used for both purposes.
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Can I choose any car for a novated lease?
Yes, subject to approval by the lease provider and compliance with ATO guidelines.
What types of vehicles can be novated leased?
Cars, SUVs, and light commercial vehicles are eligible. Motorcycles and heavy vehicles are generally excluded.
Can anyone get a novated lease?
Most full time and some permanent part time employees who pay tax (PAYG) and havepasted their probation period can qualify. Self-employed individuals generally do not qualify.
What are the benefits of a novated lease?
A novated lease allows employees to finance a car using pre-tax salary, offering tax savings, bundled running costs, and flexible end-of-lease options with minimal upfront costs.
How does a novated lease work?
A Novated Lease is a three-way agreement between an employee, employer, and financier that enables salary packaging for a motor vehicle. Through a Deed of Novation, the employer assumes most of the employee’s rights and obligations under the lease (excluding the residual value) for the duration of the lease or the employee’s employment.