Frequently Asked Questions

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Frequently Asked Questions

  • A novated lease is a hassle-free and cost-effective method to lease a new or used vehicle. It provides tax benefits, substantial cost savings, and a fixed payment deducted from your salary, covering both the vehicle and its operational expenses.

  • With a novated lease, you can select any vehicle, new or used. Novated Finance Australia can assist you in sourcing the vehicle through their dealer network, potentially securing significant discounts.

  • A novated lease includes vehicle repayments, servicing, maintenance, fuel, insurance, and more. You can also opt for a non-maintained novated lease, which only includes the finance portion of the vehicle.

  • The benefits of a novated lease include:

    1. Reduction of taxable income

    2. No GST on the vehicle's purchase price or running costs

    3. Cost-effective vehicle purchases via partnered networks

    4. A fixed payment cycle covering all expenses

  • Lease terms range from 1 to 5 years, with the option to refinance the residual value at the end.

  •  To get a novated lease:

    1. Select your desired vehicle

    2. Complete a credit application.

    3. Sign the lease documents after approval

    4. Provide required verification documents

    5. We’ll contact your employer for onboarding

    6. Payroll advice is sent for deductions

    7. The contract settles, and the vehicle is delivered

  • A novated lease in Australia is a three-party agreement between you, your employer, and the finance company. Your employer deducts the lease payments from your pre-tax income, making it a tax-effective way to finance a vehicle.

  • In a novated lease, the employee owns the lease, not the employer. If you change jobs, you take the lease with you, but the employer manages the payments.

  • The best lease term depends on your preferences and financial situation. Shorter leases offer flexibility but higher payments, while longer leases reduce payments but require a longer commitment.

  • Yes, a novated lease can cover fuel expenses.

  • Novated leases typically last from 1 to 5 years, and the term is flexible based on your needs.

  • The Australian Taxation Office (ATO) provides guidelines on novated leases regarding taxation. It’s advised to consult a tax professional for specific information.

  • Tax savings vary based on your income and vehicle value. Consulting a tax professional can provide a more accurate estimate.

  • Costs that are typically included in a novated lease are lease payments, fuel (or charging), insurance, registration, maintenance, and other vehicle running costs. These are usually deducted from your pre-tax income.

  • An example would be an employee leasing a new car through their employer, with lease payments and running costs deducted from their pre-tax income over a set term.

  • The process involves:

    • Vehicle selection

    • Completion of a credit application

    • Signing lease documents and providing necessary verification

    • Coordination with the employer for onboarding

    •Financer contract settlement and vehicle handover

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