These Terms and Conditions are issued in conjunction with, and are aligned to, the Sime Motors Staff Novated Lease Policy.

Employees participating in the Program are bound by both this Agreement and the Policy. Reference to the Policy is required, and employees should ensure they have read and understood its contents. The Policy outlines the full framework, obligations, and implications of novated lease arrangements and must be consulted alongside these Terms & Conditions.

In addition, employees acknowledge that the approved Benefit Provider (Oly Pty Ltd) and the nominated Financier have their own separate Terms and Conditions. These must be reviewed and agreed to by the employee as part of entering into a novated lease arrangement. These obligations apply in addition to, and are not exclusive to, the requirements set out in this document.

The Program provides eligible employees with access to salary packaging benefits for the purpose of novated leasing of motor vehicles. Novated lease arrangements have financial, taxation, accounting, and legal implications. Employees must carefully review all terms and conditions and seek independent professional advice to determine suitability.

1. – Be employed on a permanent full-time or part-time basis
2. – Have completed a minimum of six (6) months continuous service – probation completed
3. – Obtain approval from the PX department
4. – During initial trial period, participation is limited to employees of the Retail Division of Sime Darby Motors Group (Australia) Pty Ltd (ACN: 134 394 442). Employees of Commercial Division are excluded at this stage, including but not limited to Palfinger, Transport Engineering Solutions, Corefleet. Note: These exclusions apply only during the trial phase and may be reviewed for future inclusion

Salary Packaging: A remuneration arrangement allowing employees to pay for approved benefits from pre-tax and post-tax salary.

Novated Lease: A tripartite agreement between the employee, the Company, and the approved Benefit Provider. The Company facilitates salary deductions and remits payments to the Benefit Provider. The lease agreement is solely between the employee and the Benefit Provider.

Oly Pty Ltd (ABN 69 674 252 629) is authorized to provide novated lease services under this Program. No other providers are permitted.

• Vehicles must be purchased from Sime Motors Group Dealerships; vehicles sourced outside the Group are not eligible
• Can be used, but must be less than fifteen (15) years old at lease end

In addition, all vehicles must:

• Meet Benefit Provider’s criteria
• Comply with ATO guidelines
• Be financially suitable to the employee
• Not be classified as commercial (payload >1 tonne)

• Lease payments
• Running costs (fuel, servicing, insurance, registration)
• Third-party fees if applicable (e.g. roadside assistance, fuel cards)
• FBT Contributions

1. Sell the vehicle and settle the residual value & applicable fees
2. Purchase the vehicle by paying the residual value and applicable fees
3. Extend the lease subject to approval and revised terms & fees
4. Refinance the residual amount, subject to terms & conditions & fees

Refinancing is subject to additional conditions if:

1. – The vehicle is more than seven (7) years old at lease end
2. – The vehicle’s market value is less than $5,000

1. – Vehicle type and age
2. – Lease duration
3. – Depreciation
4. – ATO guidelines

1. – The employee assumes full responsibility for lease payment
2. – The Company may withhold final remuneration pending lease finalization
3. – Early termination may incur a payout including future payments and interest, calculated using a discounted cash flow method

1. -Must not rely on advice from the Company or its employees
2. -Are strongly encouraged to obtain independent financial, taxation, accounting, and legal advice
3. -Acknowledge that the Company does not provide financial, legal, or taxation advice
4. -Understand that early termination, residual value obligations, and additional fees may result in financial liabilities beyond initial expectations

1. – Comply with all applicable laws and lease terms
2. – Notify the Company and Benefit Provider of changes affecting eligibility or payment capacity
3. – Accept responsibility for all costs and liabilities
4. – Consent to the Company sharing necessary personal information with the Benefit Provider and Financier
5. – Be responsible for additional fees (e.g. dishonour, document, payment change fees)
6. – Understand that lease documents may be executed electronically or via countersigned agreements
7. – Be aware that a guarantor may be required by the financier