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A novated lease is a three-way agreement between you, your employer, and a finance company where your employer pays for your car lease using your pre-tax income.

A novated lease is a type of salary sacrifice where you lease a car using pre-tax income, but it's not the only form of salary sacrifice.

Novated leases can be beneficial for tax savings and convenience if you use a car for work and your employer offers this option.

Lease payments are deducted from pre-tax salary, potentially lowering taxable income and resulting in tax savings.

Employers can offer an attractive benefit to employees, potentially increase staff retention, and simplify fleet management without owning the vehicles.

A novated lease package typically includes lease payments, vehicle running costs, maintenance, registration, and sometimes insurance, bundled into one payment.

Yes, fuel costs can often be included in the novated lease package, providing a convenient all-in-one monthly payment.

Insurance for a novated lease can be included in the package, covering comprehensive, third-party, or other insurance types depending on your agreement.

Maintenance is typically included in the lease package, covering regular servicing, repairs, and sometimes even tire replacements.

Yes, often possible, covering items like window tinting, mats, or tow bars, subject to leasing company approval.

Generally, you can choose almost any new or used car, subject to leasing company’s approval and criteria.

Yes, but there may be restrictions on age and condition, varying by leasing company.

Yes, through a sale and leaseback arrangement, selling your vehicle to the leasing company and leasing it back.

Residual value is set by ATO guidelines, reflecting car’s depreciation and agreed upon at the lease’s start.

Upfront costs can include setup fees and the first month’s lease payment; details vary by provider.

Yes, but early termination usually incurs fees or penalties, varying based on remaining lease term and agreement terms.

If you leave your job, you may need to transfer the lease to a new employer or take over the payments yourself.

Options include returning the vehicle, extending the lease, or paying the residual value to purchase the car.

EV FBT Exemption is a tax concession where electric vehicles (EVs) are exempt from Fringe Benefits Tax (FBT) for certain usage.

Employers and employees using electric vehicles primarily for work-related travel may qualify for the EV FBT Exemption.

Yes, you can novate lease a used Electric Vehicle (EV) or Plug-in Hybrid Electric Vehicle (PHEV) and be eligible for the EV FBT Exemption if conditions are met.

Generally, electric vehicles and certain plug-in hybrid vehicles are eligible for the EV FBT Exemption if used predominantly for work purposes.

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