Novated leasing

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Your employer may offer you the option of leasing a vehicle by effectively sacrificing a portion of your salary. This is known as a novated lease, which typically lasts three years. At the end of the three years, the lease is terminated and the car sold.

When you lease a vehicle, you do not own it. However, you will be responsible for the operating costs incurred during the lease period. As a vehicle operator, you will be responsible for any fines or infringements associated with the vehicle.

Before you sign, it is important that you understand the terms and conditions of the leasing package.