Definition of Novated lease:
A type of agreement offered in Australia that is provides businesses with the ability to lease vehicles for employee. The company initiating the lease is able to purchase the vehicles and then sets up an agreement with the employee that may encompass a percentage of the employees salary to cover some of the cost. The company is responsible for the monthly leasing payment and any taxes due on the vehicle unless the employee leaves the company before the leasing agreement expires.
Meaning of Novated lease & Novated lease Definition