Self-managed Novated Lease

Generally yes! Check with your employer (often through HR at larger companies) if their salary packaging provider allows for self-managed finance. Often they will try to promote their own finance option but you could save significantly by selecting your own finance option.

Your novated lease reduces your taxable income through pre-tax deductions, though it’s worth noting that the reportable fringe benefit may slightly adjust your adjusted taxable income for certain government allowances or child support.

We can assist secure you finance, find your perfect vehicle, support you through the quote and settlement of the lease, provide novation and lease agreements, and generally make sure you get the best possible outcome to minimise your tax exposure.

At WhipSmart, you generally can’t just swap cars mid-lease, but you can choose to trade in your current vehicle to pay out the existing lease and start fresh with a new one.

Since novated leases are usually fixed-term contracts, we recommend checking if your current car’s trade-in value covers the remaining balance and residual value before making the switch.

Yes, your partner and any dependents are fully covered to drive the vehicle as long as they hold a valid Australian driver’s license.

You can ask HR but also try this online resource to quickly check yourself, which is particularly helpful if you work in a government department: Employer Checker