Different Types of Novated Lease

There are basically two major types of Novated Lease -

1. Fully Maintained Novated Lease
2. Non-Maintained Novated Lease

A number of employers offer to give you an option while some other will offer you only one, or maybe don't offer Novated Leasing to their workers in any way. In case your company doesn't already offer you Novated Leases , or just gives you a very limited choice then you should consult with your current Stratton financial adviser.

1. Fully Maintained Novated Lease

Under this Fully Maintained Novated Lease, almost all operating expenses for the vehicle are included as a part of your current salary package . Below are the things that comes under Operating expenses-

Registration
Lease rental
Fuel and oil
Service & maintenance
Tyres
Comprehensive insurance and other insurances
Accident management
Operating Costs and Fringe Benefits Tax reporting

If you opt for this fully maintained novated lease then it will be good as you do not need to worry anymore about operating cost or expenses for your vechile as all the operating cost will be managed by the company on your behalf.

2-Non-Maintained Novated Lease-

If you opt for Non-Maintained Novated Lease you have to pay for all your vehicle maintenance and its running costs etc. and the only thing that will deducted from your salary package is the lease rental and any applicable fringe benefit tax.