Yes, you can change your car before the lease period ends, but you will be liable to pay out the current lease before starting a new one.

Yes, you can add accessories to your car under a novated lease, if you request them prior to taking delivery of your car. This can include items like roof racks, tow bars, and window tinting.

FBT is a tax paid by employers on some benefits provided to their employees. This tax applies to your lease, however electric and plug-in hybrid vehicles are exempt as long as they meet certain criteria.

FBT is calculated as follows: ($30,000 {FBT Base value} x 20% {Statutory Method Percentage} – $0 {Post Tax Contributions ECM}) x {Days/365} {number of days held/in FBT year} x 47% {FBT Rate} x 2.0802 {Gross up Factor} = $5,866.16 FBT payable

A novated lease does not include costs such as road tolls, traffic infringements, or accessories fitted to the car after purchase.

At the end of the lease term, you have several options. You can pay the residual value (balloon payment) to own the vehicle outright, start another novated lease to pay off the residual over a set period, or sell the vehicle with support from younovate.au.

Novated leases offer numerous advantages, including potential tax savings through salary packaging, flexible vehicle choices, the convenience of bundled vehicle expenses, the inclusion of running costs like fuel and maintenance, portability if employees change jobs, and the ability to use pre-tax income for lease payments.

A novated lease is a three-way agreement between an employee, their employer, and a finance or leasing company. It allows employees to lease a vehicle while having lease payments deducted from their pre-tax salary.

One misconception is that novated leasing is not a cost-effective option compared to other forms of car finance. However, novated leasing can be a financially beneficial choice for many individuals.

Another common myth is that it is a complicated and time-consuming process. However, the process of novated leasing is streamlined and straightforward, with the leasing provider handling most of the paperwork on your behalf.

If you leave your job, the novated lease can be transferred to your new employer, or you can continue making the lease payments on your own.

Novated leases can benefit both employees and employers. Employees who are eligible for salary packaging and require a vehicle for personal and work use can enjoy the tax advantages and convenience of a novated lease. Employers can use novated leasing to attract and retain talented employees by offering an additional employee benefit.

Younovate.au Novated Lease products include an accident management service. Simply call our office and we can assist you to deal with the accident, make an insurance claim, have the vehicle repaired, etc.

The lease amount is determined based on factors such as the vehicle’s total cost, including the purchase price, additional accessories, and estimated running costs over the lease term.

In most cases, you have the flexibility to choose any car that meets the requirements of the finance or leasing company. However, it’s important to consider your employer’s policies and any restrictions imposed by the leasing company.

In a novated lease, the employee and employer enter into an agreement where the employer takes on the responsibility of making lease payments on behalf of the employee, deducting them from the employee’s pre-tax salary. The employee gets to use the vehicle for both personal and work purposes.

Yes, you can get a novated lease for a used car, provided it meets certain conditions. The vehicle must be sourced from a dealership (not a private sale) and must not be more than 12 years old at the end of the lease term.

If your employer is interested in providing charging for employees, please contact EVSE to arrange a consultation with your building manager. Charging systems can be installed in as little as a day (site-dependent) and will suit all domestically available Plug-in Hybrid Electric Vehicles (PHEV) and full Electric Vehicles (EV).

We will ask you to sign a Privacy Statement which outlines how we use your personal information. This includes disclosing information to a credit reporting agency, your employer and the dealer to the extent each of them needs to know the information or to undertake a search of your credit history. We may also use your details to tell you about our products and services in the future.

Yes, other people can drive your lease car, but it is advisable to list all drivers on your insurance policy.

The novated lease payment includes the lease amount, covering the vehicle cost, as well as running costs such as fuel, maintenance, registration, and insurance.

If you believe that novated leasing is limited to new cars, think again. Novated leasing allows you to choose the car that suits your lifestyle and preferences, whether it's new or used.

Generally, you can lease any vehicle that meets the Australian Tax Office Novated Lease Guidelines. This includes cars for personal use, family cars, and even vehicles for 4WD adventures. Vehicles with a carrying capacity of 1 tonne or greater do not qualify for a novated lease.

One of the most common myths about novated leasing is that it is only available to high-income earners or business owners. However, this is not true. Novated leasing is available to employees at all income levels, making it a flexible option for many.

80-90% of charging is done at home, as this is where your vehicle will spend most of its time. Most EVs come with a home charger (except Tesla), which plugs into any standard 10-amp home power point. Charging Speed: 10km/hr of charge (Overnight Charging) If you feel this will not be enough based on your daily travel, EVSE (Younovate.au recommended supplier) can install a high capacity 15-amp charger and this will increase your nighty recharge to approx. 200 kms.

Destination Charging Stations:

Destination Charging Stations (Café, Shopping Centres, Etc.) Many venues offer free (and some paid) charging stations where you can recharge while shopping or dining. Most of these stations do not come with a charging cable, but you can purchase a Type 2 charging cable from EVSE (evse.com.au) starting at $176 for a 32A single-phase cable, or $220 for the faster charging 32A three-phase cable. You may need to download an app to start charging - some common apps are Exploren & Chargefox. Charging Speed: 40-80 km of range per hour.

Public Fast Charging:

Examples include Tesla, Chargefox, and NRMA, which are ideal for long distance travel and will satisfy about 10% of your charging needs. These stations range from 50 kW to 300 kW of DC power and can fully charge your EV in under an hour. No need to bring your own cable, as all DC chargers have permanently attached charging cables. You will need to download an app to start charging, some common apps are: Exploren & Chargefox. Charging Speed: 250-600 km of range per hour.

If your vehicle is written off, the lease will need to be finalised, with a final payment as determined by us and is then terminated. If your insurance payout does not cover the finance payout, you will have to make the shortfall / gap payment to us to finalise the lease. Depending on policy terms and conditions, and if your insurance covers your new replacement vehicle, we may be able to continue the lease with the replacement car.

Luxury car tax (LCT) is a 33% tax on any luxury vehicle as determined by an ATO nominated value. Currently 2018/2019 the LCT limit is $66,331 so any vehicle with a value above this amount will be taxed at 33%. For ‘green’ vehicles this limit has been increased to $75,375. Taking out a Novated Lease on a vehicle above this limit can have an additional impact on your salary (over a nonluxury vehicle) as the tax treatment changes for vehicles above this limit. We strongly recommend you speak with a financial advisor or tax professional if you are looking at a Novated Lease on a luxury vehicle.