Novated lease

Car financing through salary packaging 

A novated lease is a great way to finance new cars for employees through salary packaging. It offers benefits for both employees and employers and operates similar to a finance lease. 

 

Under a novated lease, an agreement is made between BOQ Equipment Finance Limited, the employee and employer. 

 

Upon completion of the novated lease period or on termination of the employee's employment, the employee will be responsible for the finance lease.

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Features and Benefits - Employers

  • Employee pays for their own vehicle 
  • Reduced vehicle maintenance and fleet management costs 
  • Provide a flexible employee benefit at little or no cost to your business
  • Reduce payroll tax and workcover premiums for employees
  • Fringe benefits tax may apply* 

Features and Benefits - Employees

  • Choose your own motor vehicle from $20,000
  • Make novated lease payments on your pre-tax income - a great way to save on tax*
  • Flexible novated lease terms between 1 to 5 years 
  • Motor vehicle expenses including insurance, maintenance and registration may be packaged
  • Vehicle may be purchased at the end of the term by paying an agreed amount

Important Information

Please view the terms and conditions listed below on the Terms and Conditions page:

There may be associated Government charges and costs, which vary from State to State, in addition to our fees and charges.

How to apply

*Please seek an independent tax advisor on your individual circumstances.