Is there a restriction on the car's value? Or the amount I can salary sacrifice?

There's generally no limit on the amount you can salary sacrifice, it really depends on your own budget. Above-the-cap benefits aren't restricted and they don't incur fringe benefits tax (FBT). Obviously, you must discuss the purchase with a financial advisor or professional accountant.

What happens if I lose my job or leave?

If you lose or leave your job, the employee is still responsible for the repayments. They may be able to make a new agreement with a new employer and transfer the lease over. Alternatively, they will need to ensure they can continue to pay the lease costs themselves or pay to break the lease. If you took out loan termination insurance (also called novated lease protection insurance), check the terms. These might allow you to hand the vehicle back or make a claim, in the case of you being made involuntarily redundant. Some will pay the lease for a period of up to 180 days.

Is there an age limit on the cars that can be salary packaged?

Yes. Most commonly, novated leases require a car be no older than 8 or 12 years old at the end of the agreement. However, some leasers might consider classic and vintage cars that retain or accumulate value.

Who pays for the car's upfront and running costs?

As part of a salary sacrificing agreement, most running costs are rolled into the repayments. This includes: Car purchase price Dealer accessories Dealer delivery fees First year's rego and CTP Stamp duty Novated lease set-up charge Personal property security registration charge luxury car tax (on qualifying models) Operating costs: Mechanical maintenance and repairs Fuel Fully comp insurance (through a fleet insurer) Roadside assistance Rego and CTP renewal Tyre replacement Some leasing companies even suggest it's possible to incorporate car washing costs. However, toll charges, insurance excess (in the event of an accident) and fines/tickets are not included.

What records do I need to keep?

Odometer readings (the distance you travel); you'll be asked for this at certain times of the year, such as 31 March, but also if the car is written off or the lease term is due to expire.