There has never been a better time to get an EV.
The Australian Government's Electric Car Discount
The Australian Government has introduced an Electric Car Discount that exempts eligible electric vehicles from Fringe Benefits Tax (FBT). This initiative aims to make EVs more accessible and affordable for Australians, encouraging the shift towards cleaner, more sustainable transportation options.
Choosing the Right EV for You
When selecting an electric vehicle, consider your driving habits, range needs, and available charging infrastructure. The Novated Lease Company specializing in EVs can provide guidance and help you find a vehicle that matches your lifestyle.
Making the Switch to an Electric Vehicle
With the government's support through the Electric Car Discount, along with the intrinsic benefits of electric vehicles, there's never been a better or more cost-effective time to switch to an EV.
In this quick and simple video, we break down how novated leasing works for electric vehicles (EVs). We also dive into the benefits of the FBT exemption, seeing how it compares to traditional vehicle financing options.
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A vehicle is considered a zero or low emissions vehicle if it matches the following EV types: a battery electric vehicle, a hydrogen fuel cell electric vehicle, or a plug-in hybrid electric vehicle (starting from 1 April 2025, a plug-in hybrid electric vehicle will no longer be classified as a zero or low emissions vehicle under FBT law).
To determine if an electric vehicle's (EV) price qualifies for the discount, you need to ensure that the value of the car is below the Luxury Car Tax (LCT) threshold for fuel-efficient vehicles at the time it was first sold in a retail sale and in any subsequent sale.
For the 24/25 financial year, the value of the EV must be below the luxury car tax threshold which is set at $91,387.
Yes, used electric vehicles can qualify for the exemption as long as they are used for the first time on or after 1 July 2022.
Select the electric vehicle that fits your lifestyle and needs.
The Novated Lease Company will set up the novated lease agreement for you, which includes your vehicle's finance, insurance, and running costs.
Your employer deducts lease payments from your pre-tax salary, potentially lowering your taxable income.
Hit the road in your new EV, benefiting from the cost savings and environmental advantages.
Electric vehicles (EVs) represent the cutting edge of automotive technology, combining environmental benefits with innovative features and lower running costs. Novated leasing for EVs offers a smart, tax-effective way to drive the car you want while contributing to a healthier planet.
What is Novated Leasing for EVs?
A novated lease is a three-party agreement between an employee, their employer, and The Novated Lease Company. It allows you to lease an electric vehicle using pre-tax income, resulting in potential tax savings and making EV ownership more affordable and accessible.
Discover how you can join the electric revolution and drive your dream car with an EV novated lease. Contact our team of experts today to learn more and get started on your journey to cleaner, more cost-effective driving.
On the road cost: $67,421
Lease Term: 5 years
Annual Kms: 15,000
Lease Inclusions: finance repayments, charging, registration, insurance, tyres, repairs, car washes
*Net weekly cost calculation assumptions include the following for a fully maintained novated lease: Annual salary $100,000, 5 year lease term, 15,000 annual kms, Residual Value Percentage of 28.13%.
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