Make the Switch to an EV Novated Lease
Australians can enjoy FBT-Free EVs until mid-2027
Smarter on your wallet and the environment
Save money on your EV with a Novated Lease from one of
Australia’s leading salary sacrifice providers
EVs are now FBT-Free with a novated lease! Start planning your EV purchase and saving 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), 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 ($91,387 in 2024-25)
- Includes second-hand models
By salary packaging an electric car or zero or low emissions vehicle, with beCarWise, you will be able to save Fringe Benefits Tax. This is on top of all the other benefits and savings you will enjoy with an electric car Novated Lease, as all payments are deducted from your pre-tax income!
Make the switch and lease an electric vehicle in Australia today
Demand for electric vehicles is increasing, and novated leasing can 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 salary 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 thousands 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 EV policies in place to entice drivers to make the switch. Check out what’s available to you.
The benefits of an EV Novated Lease
- FBT exemption
- Vehicle options
FBT exemption
Zero or low emissions vehicles under the Luxuryu Car Tax are exempt from FBT. It includes 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 by mid 2027.
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)
Choose your dream car from the growing options of EVs!
If you’re ready to make the switch to an electric car lease, talk to us today! Our friendly and local 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 Lease SPECIALS!
Our weekly EV Novated Lease costs include financing, insurance, registration, servicing, tyres, charging and more!
EV FBT EXEMPT
$27,979
Total savings across the lease*
$216
Weekly lease cost*
Tesla Model 3
EV FBT EXEMPT
$28,468
Total Savings across the lease*
$220
Weekly lease cost*
Tesla Model Y RWD
EV FBT EXEMPT
$33,438
Total Savings across the lease*
$258
Weekly lease cost*
Tesla Model Y Long Range
PHEV FBT EXEMPT
$17,010
Total Savings across the lease*
$139
Weekly lease cost*
New BYD Dolphin Essential
EV FBT EXEMPT
$31,665
Total Savings across the lease*
$160
Weekly lease cost*
BYD Dolphin Dynamic
EV FBT EXEMPT
$22,934
Total Savings across the lease*
$198
Weekly lease cost*
BYD Seal Dynamic
EV FBT EXEMPT
$27,038
Total Savings across the lease*
$221
Weekly lease cost*
KIA EV5 Air
EV FBT EXEMPT
$31,804
Total Savings across the lease*
$254
Weekly lease cost*
Mustang Mach-E
EV FBT EXEMPT
$32,130
Total Savings across the lease*
$263
Weekly lease cost*
Volvo Ex30
EV FBT EXEMPT
$33,197
Total Savings across the lease*
$271
Weekly lease cost*
BMW i4 35 eDrive
*Costs based on salary packaging an EV under a novated lease over five years, driving 15,000km per year and an annual income of $75,000. All figures and images are indicative only and before making a decision you should consult your independent legal, taxation and financial advisor for advice relating to your personal circumstances. Conditions, fees and charges may apply and finance is available to approved applicants only. FBT exemptions for Electric Vehicles (EVs) are subject to eligibility criteria.
Talk to us today!
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Make the switch to an EV Novated Lease today!
EV Novated Lease FAQs
What is Fringe Benefits Tax?
When you purchase a vehicle under a Novated Lease, you do so using your pre-tax salary. This in turn reduces your taxable income. To ensure you don’t benefit above and beyond other taxpayers, the ATO offsets this reduction with a tax called Fringe Benefits Tax (FBT). This tax is calculated based on the purchase price of your vehicle and the annual kilometres driven. By paying for a portion of your annual running costs in a post-tax manner you can effectively offset any FBT liability accrued. Talk to us about your individual circumstances to learn more.
Can I claim my EV charging costs with a Novated Lease?
Yes! An electric vehicle Novated Lease includes all running costs, so this includes all your electric charging costs too, regardless of where you charge your car. beCarWise will provide a convenient Chargefox Card with your EV plus we can reimburse your costs if you use another charging supplier.
Could leasing an EV have an impact on my eligibility for government concessions or payments?
In Australia, a Novated Lease on an electric vehicle may result in a Reportable Fringe Benefit Amount (RFBA) being included in your Income Statement or Payment Summary. The RFBA may affect your entitlement to certain government concessions and assistance such as HELP, childcare rebates and Family Tax Benefits etc.
We advise that you seek impartial financial guidance to assess how this may affect your individual circumstances. For more information, visit the Australian Government Website.
Have a question we haven’t yet answered? Visit our full list of FAQs here or contact us today.
Have a question we haven’t yet answered?
Visit our full list of FAQs here
or contact us today
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