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<p><span class="orangetext">NOVATED LEASES</span>
<p>Novated leases are designed for employees who have access to salary packaging with their employers. A novated lease is
a three-way agreement between an employer, an employee and the lender which involves the following:
<ul>
<li>the employee leases the vehicle directly from the lender</li>
<li>the employer, employee and the lender enter into a deed of novation</li>
<li>the employer agrees to deduct the lease payments from the employeeÕs salary during the term of the novated lease or
their employment and to pay the rentals directly to the lender</li>
</ul>
<p>Novated leases are generally for a two to five year term with residuals set in line with Australian Taxation Office guidelines
and may be subject to Fringe Benefit Tax implications. You should seek independent financial and taxation advice on the individual
benefits for you entering into a novated lease.
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