What happens if the company I work for changes novated lease providers and I need to execute a new novated lease agreement?
If a new lease agreement was required, this would constitute a break in the existing lease agreement and a new financially binding commitment. If the new lease agreement is entered into on or after 1 April 2025 for a PHEV, the exemption will no longer be available from the date the existing lease agreement ceases.
However, if an administrative change takes place and a new lease agreement is not required, the PHEV exemption held would still apply.