A novated car lease is a three-way agreement between you, your employer, and a finance company where your employer makes lease payments from your pre-tax salary. This clever financial contraption lets you drive a new or used car while potentially saving on income tax and GST. Typically, the lease covers the car payments, maintenance, and insurance, bundled into one neat monthly deduction.
In Australia, this is a cheeky way to reduce your taxable income, but beware of the fine print—if you change jobs, the lease often follows you or needs rearranging. New leases usually run from 2 to 5 years, with costs varying widely based on the car and terms. For the best deals and details, have a squiz at Tradingpost or CarShowroom.
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