Novated Leasing

Novated Leasing

Novated leasing is a great way to finance and manage your new or used car through salary packaging. This means you pay less tax and save real dollars compared to traditional forms of finance. The car is financed with a “finance lease” and then salary packaged through your employer by way of a novation agreement. The agreement is between you, your employer and a novated lease manager/ financier. Novated leasing may sound complicated and it can be, but by using a CoverU novated lease we make it as simple as possible for both you and your employer so all you need to worry about is driving away in your new car!

Maximise your benefits!

  • Pay for your car with pre-tax dollars so you pay less tax and increase your take home pay!
  • Choose the car you want!
  • Save GST on the purchase price of your car!
  • Take the car with you should you leave your employer
  • Save GST on your cars running costs such as fuel, tyres, servicing, rego and insurance!
  • No large one-off expenses as we budget your cars running costs over the year!
  • Payments matched to your weekly fortnightly or monthly pay cycle!
  • Novate more than one car!

There are a lot of myths around novated leasing
so let’s get this straight!

Don’t I have to pay Fringe Benefits tax (FBT)?

No, with a CoverU novated lease we are able to completely negate any FBT liability.

Isn’t it only for people who drive high kilometres?

With the changes to the way FBT is calculated everyone can benefit from novated leasing whether they drive a little or a lot.

What if I don’t use my car for work?

Excellent, novated leasing is perfect for people who have no business use at all. Whilst we take business use into account you still get a great benefit with minimal to no business use.

Can I buy a used car?

Yes, As long as the vehicle meets certain age and kilometre restrictions you can novate a new, used or even your current car.

But I don’t earn $100K per year!

That’s great because at CoverU we can save you money no matter how much you earn. Novated leases can benefit people on all income levels and we work with you to maximise all savings.

Talk to your CoverU account manager today and find out how much we can save you.
Our process is fast and simple so you can be driving away in your car sooner!

Enquire Now

1300 122 211