Novated Lease - Terms and Conditions

1. On activation of your Novated Lease account, a documentation fee of $200.00 (excluding GST) will be charged to your Novated Lease account by LeasePLUS Pty Ltd. The financier may also impose establishment, account-keeping, documentation or other fees as outlined in the applicable finance agreement. These fees may be included in the amount financed or lease repayments, as disclosed in the relevant finance documentation.
2. All information provided by LeasePLUS Pty Ltd is general in nature and does not take into account your personal financial circumstances. The calculations, estimates, projected tax savings and financial outcomes contained in this proposal are indicative only and are based on the information available at the time of quotation. Actual outcomes may vary due to changes in taxation legislation, income, employment circumstances, vehicle expenses and other relevant factors. LeasePLUS Pty Ltd does not guarantee that the estimated savings or financial outcomes will be achieved. Nothing in this clause excludes any rights or guarantees that cannot lawfully be excluded.
3. This information does not constitute financial and/or tax advice and it is recommended that you seek independent advice prior to entering a Novated Lease.
4. The estimated effect on your take-home pay is calculated using the annual salary stated in this proposal, applicable income tax rates and thresholds at the time of quotation, and assumes you are claiming the Tax-Free Threshold. Unless expressly stated otherwise, the calculation does not take into account other salary packaging benefits, personal deductions, HECS/HELP repayments, additional taxation liabilities or other individual financial circumstances. Employer superannuation contributions are not included in the calculation unless expressly stated. Actual payroll deductions and taxation outcomes may vary.
5. The prices, interest rates, calculations and budgets in this proposal are based on information provided and are current at time of quoting and are valid for 10 business days.
6. In the event of a variation in the vehicle purchase price at the time of settlement, including changes to manufacturer pricing, discounts, dealer delivery charges, freight, government statutory charges, or financier interest rates and charges, LeasePLUS Pty Ltd may revise the proposal and notify you of the variation. You will be required to accept a revised Novated Lease proposal before proceeding. Where the quoted vehicle model is discontinued, superseded or becomes unavailable, a revised quotation may be required. Vehicle delivery dates are estimates provided by manufacturers and dealers. LeasePLUS Pty Ltd will take reasonable steps to assist with delivery delays but cannot guarantee delivery dates or remedies from third parties. Nothing in this clause limits your rights under applicable law.
7. LeasePLUS Pty Ltd provides budgeted vehicle running costs. The running cost budgets outlined are an estimate only based on the type of car and forecast annual kilometres. You are responsible for actual costs and acknowledge that when actual costs exceed the budgeted allocation, LeasePLUS Pty Ltd will increase the budgeted amounts to ensure your account is in surplus. You understand that you will be required to reimburse LeasePLUS Pty Ltd at our request, for any expenses incurred in excess of the budgeted amounts. LeasePLUS Pty Ltd is entitled to withdraw all or any part of the services provided to you in relation to the Novated Lease vehicle where you fail to make such payments.
8. The LeasePLUS vehicle management fee covers the administration and management services provided in connection with your novated lease, as described in your proposal and applicable service terms. These services may include the management and authorisation of vehicle maintenance and servicing expenses through approved providers. Any separate salary packaging administration fees charged by your employer's salary packaging provider are not included unless expressly stated. The availability of supplier discounts and services is subject to the relevant provider's terms and conditions.
9. Annual registration, compulsory third party and comprehensive insurance renewals are the responsibility of the policy holder. You must ensure your vehicle is insured and registered at all times. LeasePLUS Pty Ltd does not accept any liability for vehicles uninsured or with lapsed insurance and/or registration.
10. At the earlier of: the end of your employment with the employer and end of lease, a reconciliation of your account will be settled within 5 working days. Any surplus money owing to you will be sent back to your payroll department and will be subject to PAYG tax. Surplus funds held by LeasePLUS Pty Ltd must be used towards meeting your residual value commitment or early payout. To secure the payment of any monies owing to LeasePLUS Pty Ltd, you agree to grant LeasePLUS Pty Ltd a security interest in the vehicle and authorise LeasePLUS Pty Ltd to register that interest on the Personal Property Securities Register (PPSR), subject to applicable law.
11. If you choose not to use fuel card/s as part of your Novated Lease package, there may be additional administrative fees charged where individual reimbursement requests exceed one claim per month.
12. Where fuel cards or electric vehicle charging cards are provided as part of your novated lease, you agree to comply with the applicable card provider's terms and conditions, including any usage restrictions, applicable charges and transaction limits. You must ensure that any authorised users also comply with these conditions. Any applicable transaction or administration fees will be charged to your novated lease account in accordance with the relevant card provider's terms and the disclosures made to you.
13. By signing the acceptance section of this proposal, you acknowledge that you have reviewed and accepted the vehicle specifications, accessories, pricing and applicable terms and conditions. Where LeasePLUS Pty Ltd is procuring your vehicle, you authorise LeasePLUS Pty Ltd to place an order on your behalf, subject to all required credit and employer approvals being obtained. You are responsible for checking the accuracy of the vehicle specifications and other information provided before authorising the order. Any changes requested after an order has been placed may result in additional costs. If you subsequently cancel the vehicle order, you agree to reimburse LeasePLUS Pty Ltd for reasonable costs and losses incurred as a result of the cancellation, including non-recoverable third-party charges and the cost of accessories or aftermarket products, together with any applicable cancellation charge of up to 10% of the vehicle purchase price, to the extent permitted by law and without duplication of amounts recovered. Any cancellation charges will be assessed having regard to the circumstances of the cancellation and applicable legal requirements. Where the vehicle purchase price increases by more than 10% after acceptance of this proposal and before settlement, you may cancel the order without incurring a LeasePLUS cancellation charge.
14. All novated lease applications are subject to credit approval by the financier and approval by your employer. As part of the application process, the financier may conduct credit checks and obtain information from credit reporting bodies in accordance with its applicable privacy and credit reporting notices. Your credit history may affect your eligibility for finance. Approval of this proposal does not guarantee finance approval, and the lease cannot proceed until all required approvals and documentation have been completed.
15. A novated lease is a fixed-term financial commitment. If you request to terminate or pay out your lease before the scheduled expiry date, you may incur early termination fees and other charges imposed by the financier. The payout amount will be calculated in accordance with the financier's terms and conditions and may exceed the market value of the vehicle at the time of termination. You remain responsible for any outstanding amount payable under the lease, including any shortfall following the sale or disposal of the vehicle, subject to applicable law.
16. The amount financed incorporates the vehicle purchase price and applicable financed costs, including accessories, aftermarket products, establishment fees and any insurance or other products expressly identified as being financed in this proposal. Roadside assistance and comprehensive motor vehicle insurance are treated as running costs where identified as such in this proposal. Where eligible, costs are calculated net of GST. The amount financed may differ from the FBT capital value because different costs and adjustments may apply under the relevant taxation legislation.
17. The number and timing of payments made to the financier may differ from the number and timing of deductions made from your salary. Where your lease includes a deferred repayment period, the lease costs may be distributed across the full lease term for salary deduction purposes. You acknowledge that your payroll deductions may therefore commence before the first repayment to the financier becomes due. All finance arrangements remain subject to the financier's terms and conditions.
18. The FBT capital value used in this proposal is determined using the applicable Fringe Benefits Tax legislation and the vehicle information available at the time of quotation. The FBT capital value may differ from the total amount financed because certain costs, fees, accessories and other items may receive different treatment for FBT purposes. Where the information used to determine the FBT capital value changes, the relevant calculations and employee contributions may need to be adjusted.
19. LeasePLUS Pty Ltd may receive commissions of up to 20% of the base premium for insurance products, warranties and memberships arranged in connection with your Novated Lease, in accordance with its applicable authorisations. LeasePLUS Pty Ltd may also receive commissions, introduction fees, brokerage payments or other remuneration from financiers for arranging or introducing finance, where applicable. In addition, LeasePLUS Pty Ltd may receive administration fees, volume rebates, commissions or incentives from vehicle dealers, insurers and other preferred suppliers. These payments may be linked to supplier agreements, transaction volumes, performance targets or the overall performance of LeasePLUS's Novated Lease and fleet management services across its customer base. The nature and amount of these payments may vary between transactions and suppliers. Any disclosures required by applicable law will be provided to you.
20. Where you elect to purchase insurance products, warranties or memberships through LeasePLUS Pty Ltd, you acknowledge that the relevant Product Disclosure Statements (PDS), Financial Services Guides (FSG), Target Market Determinations (TMD) and other applicable product information have been made available to you, where required. You should review these documents before making a decision to purchase. Optional insurance products are subject to the applicable insurer's eligibility requirements, acceptance criteria, policy terms, conditions and exclusions. Acceptance of this Novated Lease proposal does not guarantee acceptance of any optional insurance application. The relevant insurer, product issuer and authorised distributor details will be identified in the applicable insurance documentation.
21. The figures outlined in this proposal represent estimated payroll deductions only. Actual deductions may vary depending on the commencement and completion dates of your lease, the number of remaining pay periods and the applicable Fringe Benefits Tax (FBT) year, which runs from 1 April to 31 March. Where a lease commences or concludes partway through an FBT year, relevant employee contributions and kilometre-based estimates may be apportioned for the applicable period in accordance with the relevant FBT calculation method and employer requirements. Any resulting adjustments or shortfalls will be reflected in the applicable payroll deductions or account reconciliation.
22. LeasePLUS Pty Ltd may charge and receive administration fees from our dealer network as part of the vehicle sourcing process.
23. The taxation benefits associated with a Novated Lease are subject to applicable legislation and may change during the term of your lease. Changes to Fringe Benefits Tax (FBT), income tax, salary packaging rules or other relevant legislation may affect your financial position, taxation obligations or eligibility for certain government benefits. Where an eligible electric vehicle is exempt from FBT, a reportable fringe benefits amount may still arise. This amount may affect HECS/HELP repayments, child support assessments, family assistance benefits and other income-tested obligations or entitlements. You acknowledge that LeasePLUS Pty Ltd does not provide personal financial or taxation advice and that you are responsible for considering the impact of the Novated Lease on your individual circumstances. To the extent permitted by law, LeasePLUS Pty Ltd will not be liable for costs, taxes or penalties arising solely from future legislative changes, other than as provided in these terms and conditions.
24. You may be charged any reasonable costs incurred including but not limited to, collection fees and interest, arising out of default by you under this agreement.
25. These LeasePLUS Pty Ltd terms and conditions are separate from the terms and conditions imposed by the financier, insurers, fuel and charging card providers, and other relevant third-party service providers. Additional terms may apply to the use of specific products and services. The financier's terms and conditions will be provided as part of the finance and settlement process. Other applicable product terms and conditions, including relevant insurance documents and vehicle wear-and-tear guidance, will be made available where applicable. You are responsible for reviewing the applicable terms before entering into the relevant agreement.
26. Where you elect to use LeasePLUS's vehicle sale or disposal assistance services, including MyVehiclePLUS, these services may be subject to additional terms, fees and charges disclosed to you before you accept the service. LeasePLUS does not guarantee the sale price or sale of your vehicle. You remain responsible for satisfying all outstanding finance obligations, including any applicable residual value or early termination amount.
27. You acknowledge that the LeasePLUS Group Privacy Policy has been made available to you at https://www.leaseplusgroup.com.au/Privacy. The Privacy Policy explains how your personal information is collected, used, disclosed and managed in connection with the provision of our products and services.
28. Any Fringe Benefits Tax (FBT) liability or employee contribution required under the applicable FBT calculation method will be determined using the relevant vehicle value, kilometres travelled, period of availability and other applicable information. Where actual circumstances differ from the estimates used in this proposal, or payroll deductions and employee contributions are insufficient to meet the applicable FBT obligations, you will be required to fund any resulting shortfall in accordance with your employer's salary packaging arrangements and applicable law.