Common questions
Any funds within the account remain yours. If you wish to withdraw a surplus amount, this can be made via a payroll reversal, any withdrawal is subject to PAYG tax. These funds roll over year to year and can be put towards a new agreement if/when you upgrade your vehicle in the future.
The previous FBT system (pre-2013) required travel brackets to be met, nowadays regardless of the amount of travel you do, you could benefit.
If you pay tax and you drive a vehicle, you could potentially save money.
Employers can benefit in several ways, including reduced fleet management responsibilities, potential GST credits on operating costs, and the ability to offer an attractive incentive for employee attraction and retention.
Novated Leases for car brands
We provide Novated Leases for all car brands, including the ones listed here.