The current Queensland Government Salary Packaging Novated Leasing Standard Offer Arrangement (SOA) will change from 1 July 2019, with external financiers removed from the list of available financiers.
This means that employees wanting to re-novate an existing lease, or establish a new novated lease, can only use one of the novated leasing panel’s financiers for vehicle finance. This is to ensure greater security and transparency for Queensland Government employees.
On or after July 1, 2019, only leases that have a vehicle order signed before July 1, with an external financier can be processed. All established novated leases remain valid and will continue to operate as usual to the end of the current lease period. Employees will be required to establish a new novated lease, with an approved panel financier, at the end of the period or when establishing a new novated lease.
All employees are advised to seek independent financial advice prior to establishing a novated lease. Financial advisers and financial planners cannot arrange or provide finance, other than through a panel provider, from 1 July 2019.
For more information please refer to the Queensland Government novated leasing services employee fact sheet.