Novated Lease Calculator

Car Type
Purchase Price
Annual Km
Monthly Cost
Savings over a year

This quotation is calculated using statutory cost FBT method. Calculation can change based on vehicle selection, Annual Kilometres, Salary, Term and other individual circumstances.

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Novated lease quote includes all finance costs for the purchase and lease of your new vehicle, including any fees and associated charges. It also considers any GST credits you may be entitled to.


Novated lease quote includes an estimate for all your probable maintenance, service and repair costs based on the term and nominated kilometres you have entered.


An allowance for tyres has been made in the Novated lease quote calculation, roughly 1 set of tyres per 35,000 kilometres travelled over the lease period.


Novated lease quote includes estimated cost of fuel for your vehicle, based on the category of car chosen and the kilometres expected to be travelled for the duration of the Novated lease period.


New cars typically come with first year registration included in the purchase price, so your Mylease Novated lease quote makes an allowance for annual renewals for the duration of the lease period.

Insurance & Roadside

Whilst some new vehicles come delivered with a short term roadside assistance program Mylease have included an overriding program of roadside assistance which will cover all vehicles 24/7 nationwide. Comprehensive insurance is not considered in this lease cost. We can include a fleet based comprehensive policy, or you can add your existing personal insurance policy to the scheme and have it paid for by Mylease.

A Novated Lease is the most common way of salary packaging a vehicle. It involves a three-way agreement between an employer, employee and financier. Through Mylease the employee arranges a finance lease and the employer agrees to take on the employee's obligations under the lease.

The vehicle's operating expenses are deducted from the employee's pre-tax income. Operating expenses which can be packaged include:

  • Fuel and oil
  • Service, maintenance and tyres
  • Registration and CTP insurance
  • Comprehensive insurance and accident management

Under this arrangement, the employer pays the monthly lease rentals on behalf of the employee and provides the vehicle for the employee to use as part of their salary packaging.

If employment ceases for any reason or the lease agreement is finalised, the novation agreement ceases and the obligations assumed by the employer revert back to the employee. The novation agreement is fully transferable to new employers, assuming both new employer and employee are happy to enter such an agreement.

An application form is available from the download section on this website. Alternatively, you can contact our office on 1800 466 828 to discuss and we will email/post you one as required.

FBT (Fringe Benefits Tax) is a tax usually levied against an employer when they provide the employee with a benefit outside of taxable income. In respect of a Novated Lease, which is paid for from your pre-tax salary, this is considered by the ATO to be a benefit provided by your employer and therefore your employer becomes liable to pay FBT. In effect in this instance, FBT is a substitute for the income tax that you would ordinarily pay on your salary.

It is important to note that unlike many other benefits that the employer may provide, motor vehicles are entitled to concessional FBT treatment, which effectively means that you get a greater value from salary sacrificing a motor vehicle than you may do on other items

Mylease calculates budgeted operating costs by taking into account the following variables;

  • Expected annual kilometres
  • Vehicle type
  • Vehicle usage
  • Vehicle age

Mylease then use our knowledge and expertise in the field of motor vehicle management to calculate the expected monthly operating costs of running the vehicle.

If you lose or change your employment, you are able to transfer your lease to a new employer with their agreement. There is usually a small administration fee and supporting documentation will be required. For the period between employers, you are obligated to continue to make the monthly lease payments to the financier yourself. The maintenance / operating cost component of your Novated lease can be suspended until you commence with a new employer.
At the end of the novated lease period you are obliged to make the residual payment to the financier and take ownership of the car or to refinance the residual value owing on the vehicle with the existing financier for an additional lease term.

If you choose to payout the finance of the vehicle, it can be done in a number of ways;
  • Payout the full amount owing to the financier
  • Trade-in the vehicle to a dealer and have them use the trade value to payout the amount owing to the financier
  • Sell the vehicle to a private third party and arrange for them to payout the amount owing to the financier.