I know this topic has been battered to death but Novated Leasing can work in your favor if you know a bit about leasing and how capital works - not rocket science however.
Few points to note:
Someone here wrote about how they got penalized for cutting a lease early - this might be the case if you structure your lease in a way to get the lowest possible monthly debt service. The best way to do this is to write a long term lease, say 3 or 4 years. Finance companies will typically charge break costs on a discounted rate on a NPV basis so cutting a 4 year contract at year 1 will not be viable.
However there is no reason why you can't structure the lease on a 12 month basis depending on your circumstances and increase the term as you go. Nothing wrong with that and you will not incur as heavy penalties when breaking out early. Also you get pay down on more principal earlier so overall less interest expenses.
On a second note, notwithstanding the benefits of a lower tax bracket and fuel, rego, insurance, maintenance costs that are taken out pre tax (leasing companies will also typically offer you a fuel card that has a specific cents per litre discount), a lease like an op lease will offer you a much higher ballon percentage. This essentially means you have less debt service say on a monthly basis and you will be paying a lot less on a net present basis assuming that you pay capital carrying costs. (everyone does in debt or opportunity cost in the case of equity).
Another point which hasn't been discussed is that the leasor will obtain better buying power in some cases and your empoyer will typically be able to claim an input tax credit on the gst of your car and therefore you do not incur borrowing costs on that 10%. Though you pay the gst at rv should you purchase the vehicle at end of term, but that will always be less than at purchase and given the timing, it means you did not finance that extra amount across your term.
Just my 2 cents.
And yeah unfortunately, I have spent the majority of my career in structuring corporate finance transactions so I have some idea when it comes to monkey business!