No, you do not need to use the vehicle for business related travel with a Paywise novated lease. A novated lease with Paywise allows you to use your car for work and everyday use.

At the end of your novated lease, Paywise gives you four simple choices:

1. 1. Paywise Members can transition smoothly to a new vehicle with minimal changes in their regular payments. The sale of the existing car usually adequately covers the residual balance owing.
2. 2. If you’re happy with your current vehicle, you may be able to refinance the residual value and continue to enjoy the convenience and tax savings.
3. 3. You can pay out the residual (commonly referred to as the balloon) at the end and then own the vehicle.
4. 4. You can sell back your vehicle – we’ll get you the best price on your car from our Australia-wide network of wholesale partners.

Towards the end of your lease, Paywise will contact you and will work closely with you to ensure you make the best decision.

Most novated leases can be transferred to a new employer and packaging provider, as most larger employers offer salary packaging. We recommend if you do start interviewing for another job, it’s worth checking that any potential employer offers novated leasing as a staff benefit. Paywise can assist in providing all the relevant information necessary to help in the move, should this happen during the lease. If the new employer does not offer packaging for novated leases, or you decide not to work for a few months, then you could take over the monthly lease payment to the financier from your own bank account via direct debit and pay for all the running costs form your own post-tax income.

If you are changing employers, whether you are moving to an employer that Paywise provides salary packaging services for, or you’re currently with Paywise and need to switch to your new employer’s provider, we can assist you with the transition process. To start the process, visit our changing employer page.

Yes, you can. Part of the service we offer at Paywise is selling your current vehicle for you. With our nationwide preferred dealer network, we can take away the hassle in securing the best trade-in price available for your current vehicle. Note that under ATO rules, the sale price cannot be deducted from the cost of the new novated lease, but rather it will be distributed back to you.

Your salary deductions do not commence immediately upon settlement of your lease. Therefore, to avoid any Fringe Benefits Tax (FBT) liability and to ensure required funds are collected to cover all obligations of the lease, adjustments may be made to your salary deductions within the first FBT Year (1 April – 31 March) of your lease. The amount of these adjustments (or ‘catch up payments’) will vary depending on the time lag between settlement and your first salary deduction, the number of pay periods remaining in the current FBT Year and the amount of each lease payment. Speak to your leasing consultant for more information.

Your fuel costs will be higher than budgeted if you are already travelling more than initially predicted. Travelling more can also increase your servicing and tyres costs. In order to allow for additional expenditure, a budget adjustment will need to be made by increasing the deductions that are made from your salary. If you are travelling more and need to request an adjustment to your budget, please complete this form.

After all costs have been incurred, any excess funds in your account can be transferred to another eligible salary packaging benefit or can be returned to you via your employer’s payroll service and will be subject to income tax.

When you’re on a novated lease with Paywise, two options exist for these payments:

1. 1. Pay the amount yourself and lodge a reimbursement claim: Use the ‘Claims’ option via the Paywise App or Member Portal and choose to have the funds deposited to your reimbursement bank account.
2. 2. Make the payment directly from your Paywise account: Use the ‘Claims’ option via the Paywise App or Member Portal and choose BPAY.

Servicing and tyres can be paid for and claimed as above. Alternatively, at selected providers you may also be able to pay for such costs using your Paywise Fuel Card, however, please note the default transaction limit of $800 that applies to Paywise Fuel cards. To increase your limit please contact us.

All payments are dependent on sufficient funds being available in your novated lease account and it is highly recommended that you check your balance at the time of submitting your payment request. If insufficient funds are available, this may delay your payment being processed.

If you are covered under the Paywise comprehensive motor vehicle insurance policy, please click here for important information including how to make a claim.