GST discount on the upfront vehicle purchase price
Pay $0 GST on running costs (including charging)
Pay for your MG HS Plus EV with pre-tax salary
Eligible for the fringe benefits tax exemption
Shopping around for the right novated lease can save you thousands of dollars in interest and fees.
In our MG HS Plus EV novated lease guide:
The slightly larger sibling of MG’s ZS EV, the HS Plus EV is an affordable, family-friendly electric vehicle option in Australia.
With pricing starting from just under $50,000 driveaway, it's certainly one of the cheaper electric SUVs available. Particularly when compared to the likes of the Hyundai IONIQ5 and even more compact electric SUVs like the BYD Atto 3.
The standard pricing is appealing by itself. But when combined with the available fringe benefits tax exemption, a novated lease on the HS Plus EV makes a very compelling case compared to other MG finance options.
|Vehicle||Estimated drive-away price||Up-front GST saving||Weekly novated lease cost||Total tax saving during lease|
MG HS Plus EV (Excite)
MG HS Plus EV (Essence)
Here's what to expect with a MG HS Plus EV novated lease:
The car running costs you can include in your MG HS Plus EV 5 novated lease include:
Some related expenses can’t be included. For example, the cost of installing a home battery or fast charger for your MG HS Plus EV cannot be packaged with your lease.
All variants of the MG HS Plus EV are eligible for the fringe benefits tax exemption on an electric car novated lease.
That means the Excite and Essence variants.
Thanks to the novated lease fringe benefits tax exemption, you will be able to pay for 100% of your lease costs (including all eligible running costs) using your pre-tax salary.
This boosts the savings already available on all novated leases compared to a car loan, or even paying for the car in cash.
The benefits of a novated lease on a MG HS Plus EV mostly relate to tax. If you are an employees and pay income tax, generally it should be possible to save money with a novated lease.
That said, the extent of the savings will be determined by a few different factors, like the car you choose for your novated lease (an electric car like the MG HS Plus EV will save you more than a non-ev). Your salary and how much you drive your car will also have an impact.
Of course, there's also the convenience of having a single payment for your car and pretty much all running costs (that's automatically deducted from your salary).
It's important to weight up the pros and cons of a novated lease, and get personalised advice if you're unsure.
The residual payment on your MG HS Plus EV novated lease will be a percentage of the purchase price of the vehicle. This percentage will itself depend on the length of the lease. A longer lease will mean a lower residual percentage.
For example, the residual payment on a MG HS Plus EV in the Excite variant (purchase price: $48,973) with a 5-year novated lease would be approximately $14,651 (inclusive of GST) or 28.13% of the purchase price.
Remember you’ll need to use after-tax money to make the residual payment on your MG HS Plus EV novated lease.
Novated lease guides and resources
Find out more about the possible savings, benefits and things to watch out for, plus your range of options with a novated lease in Australia.