EOFY creeps up fast.
And missing small things now could cost you later.
For many Australians, the weeks before June 30 are one of the best opportunities to review their finances, reduce taxable income and make sure they're getting the most from their employee benefits.
If you have a novated lease, or you've been thinking about one, there are a few important things worth checking before the financial year ends.
Here's a practical EOFY novated lease checklist to help you maximise your savings and avoid common mistakes.
1. Make Sure You're Maximising Your Pre-Tax Benefits
A lot of employees salary package a car but never review whether they're actually maximising the available tax benefits.
EOFY is a good time to check:
- Whether your deductions are set up correctly
- If your running costs are realistic
- Whether you're over or under budget on fuel, servicing or tyres
- If your taxable income could be reduced further
Small adjustments can sometimes make a noticeable difference over the course of a financial year.
If you're unsure, speaking with your novated leasing provider before June 30 can help identify opportunities you may have missed.
2. Review Your Running Costs Before the New Financial Year
Insurance premiums increase.
Registration and servicing costs shift year to year.
That's why EOFY is one of the best times to review your novated lease budget and make sure your estimated running costs still match reality.
If your budget is too low, you may end up paying additional out-of-pocket expenses later.
If it's too high, you could have unnecessary funds sitting in your account.
Reviewing your budget before the new financial year helps keep everything accurate and manageable.
3. Consider Whether an EV Could Increase Your Savings
Electric vehicles continue to be one of the biggest talking points in novated leasing.
Under the current Electric Car Discount legislation, eligible EVs may qualify for significant tax savings through a novated lease. This is because qualifying vehicles can be exempt from Fringe Benefits Tax (FBT) under current government rules.
That can potentially reduce the overall cost of owning and running the vehicle compared to a traditional car loan.
EOFY is often when many Australians start comparing:
- Fuel vs charging costs
- ICE vs EV ownership costs
- Potential tax savings available through salary packaging
- Whether current government incentives still apply
You can learn more about EV novated leasing here.
For official information on electric car exemptions, the Australian Taxation Office (ATO) also provides detailed guidance.
4. Make Sure You've Claimed All Eligible Expenses
EOFY is also a good reminder to check whether all eligible vehicle-related expenses have been accounted for.
Depending on your lease structure, this could include:
- Registration
- Insurance
- Fuel or charging costs
- Servicing and maintenance
- Tyres
- Roadside assistance
Missing expenses may impact your overall budgeting and tax effectiveness across the lease.
Keeping receipts organised through the year can make this process much easier.
5. Review Whether Your Current Car Still Makes Sense
Circumstances change.
A car that suited you two years ago might not suit you now.
EOFY is often when people reassess:
- Whether their car is too expensive to run
- If they need something larger for family reasons
- Whether they drive enough to justify the vehicle
- If an EV now makes more financial sense
- Whether upgrading or refinancing could improve cash flow
Reviewing your current vehicle before the new financial year can help avoid carrying unnecessary costs into another year.
In some cases, employees may also be able to salary package an existing vehicle through a sale and leaseback arrangement.
You can read more about that here: Existing Cars & Sale and Leaseback.
6. Check If Your Lease Is Ending Soon
Many people forget to review their lease end date until the last minute.
That can create unnecessary pressure around refinancing, upgrading or handing the vehicle back.
If your novated lease is ending within the next 6-12 months, EOFY is a smart time to start planning ahead.
This gives you more time to:
- Compare vehicle options
- Review current interest rates
- Assess changing tax benefits
- Explore EV eligibility
- Avoid rushed decisions later in the year
Planning early generally gives you more flexibility and better visibility over your options.
7. Get Advice Before the EOFY Rush
June is one of the busiest periods of the year for dealerships, finance providers and salary packaging teams.
Waiting until the final week before June 30 can sometimes limit vehicle availability, delay approvals or create unnecessary stress.
Starting conversations earlier gives you more time to:
- Compare quotes
- Understand potential savings
- Ask questions about EV eligibility and tax implications
- Get everything finalised before EOFY deadlines
Even if you're not ready to proceed immediately, understanding your options before EOFY can help you make more informed decisions for the new financial year.
EOFY Is a Good Time to Review, Not Rush
EOFY shouldn't feel like panic buying.
The best financial decisions are usually the informed ones.
Whether you already have a novated lease or you're just starting to explore salary packaging, taking the time to review your setup before June 30 can potentially improve your savings, reduce unnecessary costs and help you start the new financial year on the right foot.
To learn more about novated leasing click here.