Even if you’ve already arranged to lease a car through a novated lease, you can add additional cars to your lease or arrange a new lease with a longer term, allowing you to pay for multiple cars without losing money to tax.
How many cars can I buy under a novated lease?
The terms of your novated lease agreement will be determined by your lease provider and financier, usually your employer, and may place limits on the maximum amount that can be paid into a novated lease. However, if the cars you are hoping to buy through salary sacrifice arrangements do not exceed the current Luxury Car Tax Limit, and you will be able to complete your payments before the end of the lease term, you will usually be able to lease more than one vehicle. These cars can be for company use or private use, and you will usually have the flexibility to choose the make and model of your choosing.
Can I lease a vehicle for another driver?
The purchaser and lessee takes responsibility for repayment obligations in a novated lease, but the choice of who drives and cares for the vehicle is not determined by the lease. You may finance vehicles for other people through your novated lease.
Fleet Network allows customers to purchase novated lease vehicles in Broome and Albany at a flat 20 per cent of taxable deductions. Find out more by calling 08 6555 3854.