A Novated Lease offers employees a simple and convenient way of including a vehicle in their salary package.
Finance and running costs are GST free and collected in part or wholly from an employees’ gross salary, reducing taxable income and optimising take home pay. They can also enjoy fleet discounts on vehicle purchase and running costs such as maintenance, tyres and fuel.
Employees also have the flexibility to choose a vehicle that suits their lifestyle and business needs and retain the vehicle if they change jobs.
You have complete flexibility with vehicle choice and it can be new, used or a luxury vehicle. Just simply select a vehicle that suits you and your lifestyle. ORIX can even purchase your current vehicle and lease it back to you.
Generally ORIX does not impose any restrictions on vehicle choice. However some vehicles may be ineligible for novation which includes commercial vehicles. Please contact an ORIX Novated Leasing Specialist for clarification on which models may not be novated.
You will receive an ORIX Novated Lease Driver’s Manual which lists national ORIX approved repairers for maintenance and other services, along with instructions on what to do in the event of an accident. Alternatively, the service locator on the ORIX website under Driver Support can provide contact details for services such as fuel, tyres and repairs.
Before lease end, ORIX will contact you and provide a number of options including an option to extend the vehicle lease.
When you have selected a vehicle ORIX will set the residual based on your lease term as per the safe harbour rates set by the ATO as listed below.
|Terms||Residual Value Range|
Any surplus budget will be returned to your employer within 10 business days, who will then forward this onto you.