Novated finance in Australia is essentially a three-way deal between you, your employer, and a financier. It lets you lease a car using your pre-tax salary, reducing your taxable income and potentially saving you a pretty penny. The key benefit? Tax savings and convenience, as repayments are deducted straight from your pay.
Typical novated leases span 1 to 5 years, and you can choose from a range of vehicles, new or used. But beware the fine print: if you change jobs or your employment ends, you might be stuck with hefty payout obligations.
For the uninitiated, Tradingpost and CarShowroom can help you spot suitable cars, while ServiceCentral is handy for maintenance scheduling.
Always check the latest rules and consult a financial advisor to see if this shiny tax trick suits your wallet.
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