The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

NOVATED LEASE Definition & Legal Meaning

Definition & Citations:

An agreement in Australia which allows businesses to lease transportation for its employees. However, a portion of the employee’s wage is deducted to cover the leasing costs. The company is liable for any default payments and accompanying taxeson the lease or purchase of the vehicle. In the event that the employee terminates his/her employment, the costs are transferred to the leaving employee.


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