Do you need to use a car for your work?
Want to be able to choose the car and take it with you if you leave the job? Then a Novated Lease may be for you.
A novated lease is a three party agreement that is made between you, your employer and the finance provider, whereby you enter into a finance lease with finance company, and a second document called a novation agreement that is used to transfer some of your lease obligations to your employer. A novated lease is a form of salary packaging, where your employer provides you with a benefit other than a cash salary or wages. This allows your car to be treated like a company car for tax purposes, Some of the benefits of a Novated lease agreement include;
• Income tax savings
• GST savings on the purchase price of the car
• GST savings on the running costs of the car, including fuel*
• Packaging the car of your choice; new, used or the car you currently own
• If you leave your place of employment, you take your vehicle with you