Record New Businesses in June — What It Means for Novated Leasing
ASIC recorded 43,393 new businesses in June 2025 — the most ever in a single month. Here's what a booming SME sector means for novated lease access.
ASIC data released in July 2026 shows 43,393 new companies were registered in June 2025 — the highest single-month figure since records began in 1999, according to the Treasury Ministers release [Source 1]. Over the full 2025–26 financial year, 385,716 new businesses were created, also a record.
That's a lot of new employers. And where there are employers, there are employees asking: "can I get a novated lease through my new job?" The short answer is yes — but there are a few things worth knowing before you assume your brand-new employer has this sorted.
What this means for novated lease customers
A novated lease is a three-way agreement between you, your employer, and a finance provider. The employer doesn't need to be large or long-established — they just need to run payroll and be willing to facilitate the arrangement. Many newer businesses are already set up for salary packaging; many aren't yet.
If your employer is among the hundreds of thousands of businesses registered in the past year, the first step is a simple conversation with your HR or payroll contact. millarX handles the employer setup process — we're not going to tell you it's complicated, because it usually isn't. What matters is whether your employer runs PAYG payroll, which virtually every registered company does.
The budget period that preceded this registration surge also brought continued policy stability around the EV FBT exemption — meaning employees at new businesses have the same access to tax-effective electric vehicle novated leases as those at large corporates. The playing field is flat.
Common questions
Can I get a novated lease if my employer is a new or small business?
Yes. There's no minimum business age or size requirement. As long as your employer runs PAYG payroll and is willing to sign a novation agreement, you're eligible. millarX can walk your employer through the setup at no cost to them.
Does my employer take on any financial risk with a novated lease?
No. The lease obligation sits with you, not your employer. If you leave the job, the lease either moves with you to your next employer or you manage repayments directly. Your employer's exposure is administrative, not financial.
Is the EV FBT exemption available to employees of new businesses?
Yes. The FBT exemption for eligible electric vehicles applies based on the vehicle and your employment arrangement — not on how long your employer has been operating.
What if my employer has never heard of novated leasing?
That's common, especially with newer businesses. millarX provides employer onboarding support directly — most employers are set up within a few days and it costs them nothing.
Does the record number of new businesses affect novated lease availability or rates?
Not directly. Novated lease rates are influenced by the finance market, not the number of businesses registered. What it does mean is more Australians are now employed at businesses where novated leasing is theoretically available to them.