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Zman

By Zman,
in General Automotive Discussion

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Zman Proficient

Zman

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i just copied this from the supanova site :P

A Novation Agreement– What is it ?.  

A Novation Agreement, when used in conjunction with a vehicle lease represents an agreement between three parties being the employee (lessee), the financier and the employer. The employee leases the vehicle in their own name from the financier, then by attaching the Novation Agreement the following occurs.  

-The employer takes over all the obligations of the lease except for the residual value which remains the obligation of the employee.  

-These obligations remain whilst the employee remains employed. During this period the employer makes all lease payments to the financier from the employee’s salary.  

-If employment is terminated, the Novation Agreement is rescinded (ceased) and only the lease agreement between the employee and the financier remains. When the employee leaves their employment they are required to take the vehicle with them.  

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blind_elk Grand Master

blind_elk

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PeteSmith's is probably a 'conventional' lease, which is paid for with 'after-tax' money, ie take-home pay.

With a novated lease, you effectively pay for the lease with 'before-tax' money, by sacrificing some of your salary for the cost of the lease.

It can be an effective way to reduce PAYE tax, particulary if you are earning in the top tax bracket (> $50k), because it lowers your take-home pay, and the lower take-home pay attracts a lower tax rate.

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IML337 Explorer

IML337

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I can highly recommend Leaseplan.

I can highly recommend against Orix.

I am about to find out how good MacMillan-Shakespeare are...

If you work for a large company they may already have an agreement with a preferred fleet company... There are age restrictions on the cars you can lease with the bigger lease/fleet companies though.

Novated Leasing rocks if you set it up correctly, and drive enough km to get the FBT down :D

Any questions, let me know, I'm about to enter my second one :cool:

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