As the end of the financial year (EOFY) draws closer, smart Aussie employees are already gearing up to take full advantage of tax benefits, budget planning opportunities, and unbeatable vehicle supply deals. If you've been thinking about a novated lease, now is the perfect time to act. Here's why securing an EOFY novated lease could be the smartest financial move you make this year.
1. Make the Most of Once-in-a-Lifetime Government Incentives
Right now, government incentives are making it significantly more affordable to switch to an electric or low-emission vehicle, but they won’t last forever.
From generous Fringe Benefits Tax (FBT) exemptions on eligible EVs (ending in 2027) to stamp duty waivers and state-based rebates, these once-in-a-generation benefits are helping drivers save thousands.
But here’s the catch:
Many of these offers depend on vehicle delivery or contract finalisation dates, and with EOFY fast approaching and demand surging, waiting could mean missing out completely.
By locking in a novated lease now, you could:
Secure the full FBT exemption before it phases out
Maximise end-of-financial-year savings
Stack multiple incentives to dramatically reduce your upfront and ongoing costs
Act now to make the most of these limited-time offers before they’re gone for good!
Calculate how much a Novated Lease could save you in tax each year.
2. Lock in Vehicle Supply While It's Available
EOFY is traditionally one of the busiest times for vehicle purchases and leases. Dealers often offer significant incentives to clear stock before June 30, but high demand can quickly lead to limited availability, especially for popular models.
By starting the novated lease process early, you have a better chance of securing the car you actually want — not just what's left on the lot. This is even more important if you're considering an electric vehicle (EV) or hybrid, where supply constraints can be even tighter.
Don't leave it until the last minute. Early action means more choice, faster delivery, and less stress. Plus, some EOFY bonuses (like discounted finance rates or dealer incentives) are often only be available for a short time.
3. Plan Your Budget for the New Financial Year
EOFY isn't just about wrapping up the past year, it's the perfect opportunity to set your financial goals for the tax year ahead. A novated lease can be a strategic part of your 2025 budget planning:
Fixed monthly costs: A novated lease bundles most of your vehicle costs into one easy pre-tax deduction.
Predictable expenses: Easier to manage cash flow and avoid unexpected out-of-pocket car bills.
Boosted take-home pay: Lower taxable income could mean more money in your pocket each month.
Starting a novated lease at EOFY helps you hit the ground running from 1 July, with your vehicle expenses already structured into your budget. You’ll know exactly what you’re spending and saving.
On top of that, starting your lease at EOFY means you can plan your novated lease reporting and FBT obligations more cleanly for the new year, avoiding messy crossover periods.
4. Maximise Tax Benefits Before June 30
One of the biggest advantages of starting a novated lease at EOFY is tax minimisation. With a novated lease, your vehicle expenses are deducted from your pre-tax salary, reducing your taxable income. Finalising your lease before June 30 means you can start realising these tax savings immediately, potentially lowering your taxable income for the 2024/25 financial year.
The sooner your lease is set up, the sooner you can start salary packaging expenses like finance repayments, fuel, servicing, insurance, and registration. It’s a powerful way to make your money go further, and timing it before EOFY could give you a financial head start.
5. Take Advantage of EOFY Promotions
EOFY isn’t just a buzzword, it’s genuinely one of the best times to score extra deals, bonuses, and promotions on new vehicles. Whether it's cash-back offers, free servicing packages, or discounted finance rates, EOFY is when dealerships sharpen their pencils.
By entering a novated lease during this period, you might be able to incorporate these promotions into your salary packaging agreement, further boosting your savings.
6. Set Yourself Up for Future Financial Success
Starting a novated lease at EOFY doesn’t just deliver short-term perks, it sets you up for better financial success in the long-term.
Predictable expenses make budgeting easier
Tax efficiency improves your net earnings
Workplace benefits enhance your overall remuneration package
With the new financial year starting, it’s the ideal time to refresh your approach to salary packaging and get more out of your income.
The Best Time To Get Your Tax In Order Was Last Year - the Second Best Time Is Right Now!
The countdown to 30 June is on, and the earlier you start your novated lease journey, the more benefits you stand to gain. From locking in your dream car to maximising your tax savings and starting the new financial year with a clear, smart budget, EOFY is the smartest time to act.
If you're ready to explore your options, get a personalised quote today — and get ahead of the EOFY rush!
