Myfleet Novated Lease
A Myfleet Novated Lease is a three-way agreement between an employee, employer, and a finance company. It allows employees to lease a vehicle using pre-tax income, offering significant tax advantages and flexibility. The employer makes the lease payments on behalf of the employee, and the employee enjoys full use of the vehicle.
What is Novated Lease?
Under a Myfleet Novated Lease, the employee selects the vehicle and enters into a lease agreement with the financier. The employer then agrees to take on the lease obligations through a novation agreement. If the employee changes jobs, the lease can be transferred to the new employer or revert to the employee.
Novated leases often include running costs such as fuel, maintenance, registration, and insurance, making it a fully maintained lease. This structure simplifies budgeting and maximizes convenience.
Features and Benefits of a Finance Lease
- Lease payments made from pre-tax salary, reducing taxable income.
- Flexibility to choose any vehicle that suits personal and business needs
- Option to include running costs for a fully maintained lease
- Vehicle remains with the employee even if they change employers
- Potential savings on GST and income tax depending on salary packaging
Current Novated Lease Promotion
Pay From Only $995.00 Per Month for Tesla Model Y RWD in Fully Maintained Novated Lease.
Pay From Only $950.00 Per Month for BYD Sealion 7 in Fully Maintained Novated Lease.
Pay From Only $1250.00 Per Month for Ford Ranger in Fully Maintained Novated Lease.
Pay From Only $1050.00 Per Month for great SUV in Fully Maintained Novated Lease.
Tax implications of a Novated Lease?
- Lease payments are deducted from pre-tax salary, reducing PAYG tax
- GST on the vehicle and running costs may be claimed by the employer
- Fringe Benefits Tax (FBT) may apply, but can be offset by employee contributions
- Employees may still claim work-related travel expenses if applicable
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Will a Novated Lease suit me?
Novated leasing is ideal for salaried employees who want to finance a vehicle in a tax-effective way. It’s especially beneficial for those who want predictable costs and the convenience of bundling vehicle expenses into one regular payment.
