Up-front GST saving on your Tesla (up to $6,191)
Make 100% of your lease payments with pre-tax salary (no FBT)
Pay $0 GST on packaged running costs (e.g. charging)
100% Australian customer support at every stage
Shopping around for the right novated lease can save you thousands of dollars in interest and fees.
In our Tesla novated lease guide:
|Vehicle||Estimated drive-away price||Up-front GST saving||Weekly novated lease cost||Total tax saving during lease|
Tesla Model 3 (RWD)
Tesla Model 3 (Long Range)
Tesla Model 3 (Performance)
Tesla Model Y (RWD)
Tesla Model Y (Long Range)
A Tesla novated lease can be set up to include pretty much all running costs in your regular lease payment (deducted from your pre tax salary).
This can be convenient for budgeting and means you save more income tax and pay no GST on your regular car costs.
With a Tesla novated lease deal, you can package:
Bear in mind some related costs cannot be included, such as the cost of installing a battery or fast charger in your home.
If you choose to finance your Tesla with a novated lease, this is what to expect:
This is thanks to a government incentive aimed at increasing take up of low-emission vehicles in Australia. It reduces the cost of a Tesla or other eligible electric vehicle novated lease by thousands of dollars per year.
This is because 100% of the novated lease payments on your Tesla can be made using your pre-tax salary. Ordinarily some of the novated lease payments need to come from after-tax salary to offset the FBT.
Here are the models that are eligible for the FBT exemption at the time of writing:
The example below shows the impact of the FBT discount on the overall cost of a Tesla Model 3 (RWD) through a novated lease compared to buying it with a car loan and buying the vehicle outright with cash.
Yes you can. In fact, the Tesla Model 3 is one of the most popular vehicles for novated leasing in Australia. You can acquire more or less any model of passenger vehicle through a novated lease, even a used car.
There are particular benefits for novated leases on eligible electric vehicles, as they are exempt from fringe benefits tax.
The residual value of your Tesla at the end of the novated lease will depend on the purchase price of the vehicle and the length of the lease term. The novated lease company facilitating your lease will explain how much you will need to pay.
The minimum residual values on novated leases are set by the ATO. For example in the 2023/24 financial year the minimum residual value on a 5-year novated lease is 28.13%.
In other words you would need to pay 28.13% of the vehicle’s purchase price (including GST) as a one-off final payment in order to own your Tesla outright. Alternatively you could extend the lease and refinance the residual into a new term.
Yes this is a common option for people who take out a novated lease. What typically happens is the trade in amount is used to pay off the residual value on the lease. If the trade in value is higher than the residual you can keep the profit, tax-free.
You could then upgrade to a newer Tesla model and begin a new novated lease to maintain the tax savings.
A novated lease on an electric vehicle, including eligible Tesla models, is particularly appealing due to the generous FBT exemption currently in place. Most people stand to make considerable tax savings with a Tesla novated lease.
However, you will need to factor in your own circumstances, including your income and how much you drive your car. Getting a personalised quote will help you get a better idea of whether a Tesla novated lease will be worth it for you.
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.