A Novated Lease is a finance arrangement
where an employee leases the vehicle from Toyota Financial
Services, however, the employer assumes the obligation to
make the lease payments for the term of the lease as part
of an employee's salary package.
For the first year, the lease can be structured
to include all on-road, registration and insurance costs (including
Toyota Extra Care products and services), and may constitute
a very tax effective means of employee remuneration.
On termination of employment the employee assumes
the liability for lease payments however, by agreement,
may
novate the lease to their new employer.
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