Can I take out a novated lease on an electric vehicle (EV)?
EVs – Novated Leasing
Yes, you can – in fact, there’s never been a better time to get into an EV, and there’s never been a better way than through a novated lease. That’s because it includes an exemption to the requirement to pay fringe benefits tax (FBT) on eligible EVs that fall below the luxury car tax threshold of $91,387 for low-emission vehicles. This includes any BEV or FCEV first held and used from 1 July 2022. In addition to this, the Australian Government also removed the 5% import tariff exemption that still applies to some imported EVs.
Disclaimer: This general information doesn’t take your personal circumstances into account. Please consider whether this information is right for you before making a decision and seek professional independent tax or financial advice. Employers should independently consider whether a benefits program is appropriate for their organisation and seek advice where appropriate. Conditions and fees apply, along with credit assessment criteria for lease and loan products. The availability of benefits is subject to your organisation’s approval. Maxxia may receive commissions in connection with its services. Maxxia does not act as your agent or representative (or provide you with any advice or recommendations) in respect of the purchase of any vehicle.