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Novated Lease

A Novated Lease is a three way agreement (Novated) between an employer, the employee and a financier. The employer agrees to make the rental payments on behalf of the employee during their employment. The employer’s obligation to the agreement ceases when the employee leaves the company. Similar terms and conditions to a standard lease with residual values set as per ATO guidelines.

Fully Maintained Novated Lease, similar to a Novated Lease but with the additional benefit of having the costs associated with running and owning a vehicle to be deducted from the employee’s pre-tax income. Features that can be included in the Novated Lease - fuel, insurance, registration, servicing, tyres and maintenance.

Whether you choose a Fully Maintained Novated Lease or a Novated Lease either can be managed using the Statutory Formula Method or the Employee Contribution Method.

 

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