Save money on your EV with a novated lease
EVs are now FBT-Free with a novated lease! Start planning your EV purchase today.
On 25 October 2022, the Federal Government announced that they will make non-luxury electric and plug-in hybrid vehicles exempt from Fringe Benefits Tax (FBT) with a novated lease. The Electric Car Discount Car Bill amendment was a feature in the 2023 Federal Budget and now applies to vehicles that meet the following criteria:
- Battery electric vehicles (EV), plug‑in hybrid electric vehicles (PHEV) and hydrogen fuel cell electric vehicles (FCEV)
- Vehicles that were first held and used on or after 1 July 2022
- The value of the car at the first retail sale must be below the luxury car tax threshold ($84,916 in 2022-23 and $89,332 in 2023-24)
- Includes second-hand models
By salary packaging an electric or plug-in hybrid vehicle with beCarWise, you will be able to save the 47% Fringe Benefits Tax. This is on top of all the other benefits and savings you will enjoy with a novated lease, as all payments are deducted from your pre-tax income!
Make the switch to an electric vehicle today
Demand for electric vehicles is increasing, so this legislation change has been highly anticipated by Australians wanting to make the switch to an EV more affordable.
Many Australians believe EVs are out of their price range, but that is simply not the case – especially when you package your EV with a novated lease. For example, for individuals who purchase a Tesla Model Y using a beCarWise novated lease, their savings would be up to $6,900 each year compared to purchasing outright!
When you salary package an EV with beCarWise, we’ll give you the full run-down on vehicle options, pricing, tax savings, and all the benefits you will unlock under a novated lease.
Not only that, each State and Territory have put their own policies in place to entice drivers to make the switch. Check out what’s available to you.
The benefits of an EV
- FBT exemption
- Vehicle options
- All your running costs are covered
- GST-free
- The choice is yours!
FBT exemption
This legislation amendment will make non-luxury electric and plug-in hybrid vehicles exempt from FBT. It will be back-dated to include eligible vehicles that were first held and used on or after 1 July 2022. This includes second-hand models, just as long as it has a first retail sale date of 1 July 2022 or later. The exemption will be reviewed after 30 June 2025.
Vehicle options
FBT exemption will apply to vehicles below the luxury car tax threshold that are zero or low emissions, including:
- Battery electric vehicles (EV)
- Hydrogen fuel cell electric vehicles (FCEV)
- Plug‑in hybrid electric vehicles (PHEV)
All your running costs are covered
A novated lease means that all your running costs – such as registration, insurance, servicing, and new tyres – are covered in your regular repayments! This makes budgeting simple and payments convenient for the life of your lease.
GST-free
You won’t need to pay GST on your electric car’s purchase price or running costs on a novated lease.
The choice is yours!
Don’t be fooled into thinking a novated lease is strict and structured – you’ll be provided with many options throughout your lease to suit your needs. When it comes near to the end, whether you want to purchase, sell, or refinance, the choice is all yours!
Choose your dream car from the growing options of EVs!
If you’re ready to make the switch, talk to us today! Our friendly team will work with you to understand your needs and wants and provide the options that best suits you.
Vehicles currently available for FBT exemption include the Tesla Model 3 & Model Y, BYD Atto 3, MG HS Plus Excite PHEV, Nissan Leaf, Mitsubishi Eclipse Cross & Outlander PHEV, Kia EV6 & Niro, Mazda MX-30, Hyundai IONIQ & Kona, and many more. Whatever your dream EV may be, we can help source it for you!
Check out our latest EV novated SPECIALS!
Our weekly lease costs includes financing, insurance, registration, servicing, tyres, electricity and more!
New package price with no FBT
Total Savings across the lease*
Weekly lease cost*
Polestar 2 Long Range Single Motor
New package price with no FBT
Total savings across the lease*
Weekly lease cost*
Tesla Model Y
New package price with no FBT
Total Savings across the lease*
Weekly lease cost*
MG HS Plus Excite PHEV
New package price with no FBT
Total savings across the lease*
Weekly lease cost*
BYD ATTO 3 Superior
*Savings over the lease term are based on the following assumptions: travelling 15,000km pa, gross salary $92,000pa, 5-year term with FBT exemption. Cost per week quoted includes finance, fuel, registration, insurance, servicing and repairs, tyres and roadside assist. Images shown may not be the exact car that the calculations are based on. Further conditions may apply.
Talk to us today!
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Make the switch to an EV today!
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