Maintained vs Non-Maintained Novated Leases
There are two types of novated leases: maintained and non-maintained. So what is the difference? In a nutshell, a fully maintained lease brings with it all the inclusions (fuel, servicing, insurance, etc) whereas a non-maintained lease covers the finance of the car and that’s about it. We comprehensively cover the differences between maintained and non-maintained leases and what these both involve and will mean for you.
Fully Maintained Novated Lease
A fully maintained novated lease involves a set payment which is deducted from your pre-tax salary and covers not just the lease for the car but other car-related expenses. This includes things like:
– Petrol (via a fuel card)
– 24 hour roadside assistance
– Servicing and maintenance
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Things that aren’t included are things like tolls and and traffic fines.
A fully maintained novated lease can be a very efficient and convenient way of owning and maintaining a car. There are a number of advantages and if you like to operate on a budget, you can rest easy knowing that all your expenses are covered with one flat consistent payment.
Non-Maintained Novated Lease
So what is a non-maintained novated lease and how is it different?
A non-maintained novated lease is finance only. You do not receive the extras such as petrol, registration, insurance, tyres and servicing with your monthly repayments. These things will need to be paid by you, out of your post-tax income, when the need arises. You do still get to take advantage of potential tax savings by salary sacrificing your repayments thereby paying for your lease out of your pre-tax income.
Like a fully maintained novated lease, a non-maintained novated lease is available for new and used cars that are valued over $10,000. No GST is payable upfront – you’ll be charged GST on the monthly payments and this will be fully claimable.
The benefits of a non-maintained lease include:
– Tax deductible lease costs. As with a fully maintained novated lease, you’ll be sacrificing some of your pre-GST income to make the repayments for the car. This can have significant tax benefits, depending on your circumstances.
– You don’t need to use the car for business purposes. It can be entirely private use, if that’s what you need it for.
– You get complete flexibility when it comes to choosing a car. You can nominate a new or a used car provided it is valued over $10,000. You’ll also have access to fleet discounts for new cars.
As with a fully maintained novated lease, the responsibility of the lease will revert back to you should you leave your current place of employment.
Whether you choose a fully maintained or a non-maintained novated lease is entirely up to you. As always, we recommend seeking independent financial advice to determine which option is best based on your circumstances. If you would like to know in advance exactly how much your car is going to cost you, a fully maintained novated lease is probably your most appealing option. If you’d like to stay in control of your fuel, servicing and repairs, then a non-maintained novated lease will better suit your needs.