Tesla Model 3 Novated Lease

  • Save $1,000s per year on your Tesla Model 3
  • Eligible variants are exempt from fringe benefits tax (further $1,000s in savings)

How much is the Tesla Model 3 variant you're looking to novate?

Tesla Model 3 novated lease
Tesla Model 3 novated lease

Why use a novated lease for your Tesla Model 3?

Best match guarantee

Save up to $6,191 in GST on Model 3 purchase price

Consolidating debt

Make 100% of your lease payments with pre-tax salary

Novated Lease

Pay $0 GST on car running costs (including charging)

Australian Customer Support

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 Model 3 novated lease guide:









Tesla Model 3 novated lease costs

VehicleEstimated drive-away priceUp-front GST savingWeekly novated lease costTotal tax saving during lease

Tesla Model 3 (RWD)





Tesla Model 3 (Long Range)





Tesla Model 3 (Performance)





Important: Tesla Model 3 price estimates as at July 2023. Calculations assume a NSW driver with an annual pre-tax salary of $120,000 and 15,000km driven annually over a 5-year lease. Estimated vehicle running costs include charging, comprehensive car insurance, servicing, registration and tyres.

Tax implications

Tesla Model 3 variants eligible for the novated lease FBT exemption

A novated lease on a Tesla Model 3 valued below the luxury car tax threshold in Australia will be eligible for thousands of dollars in extra savings. That’s because eligible electric car novated leases are exempt from fringe benefits tax.

The Tesla Model 3 RWD, Long Range and Performance variants are eligible, with purchase prices below the LCT threshold for fuel efficient vehicles ($89,332 for FY 2023/24).

How does the FBT exemption work on a Tesla Model 3 novated lease?

If your Tesla novated lease is eligible for the FBT exemption, you’ll be able to cover 100% of your lease costs (including running costs for your Model 3) using your pre-tax salary.

This significantly increases the benefits of a novated lease . Ordinarily some of the lease payments would come from your after-tax pay to offset FBT. This is a tax that applies to novated leases and most other employee perks.

A Tesla Model Y novated lease will also be eligible for the FBT exemption, depending on which model you choose to novate.

The graph below illustrates how much cheaper the FBT exemption makes a Tesla Model 3 RWD novated lease versus a car loan, or even paying for the car with cash.

benefits of an electric car novated lease

Include Tesla Model 3 running costs in your novated lease

If you get a Tesla Model 3 through a novated lease, you’ll be able to include pretty much all of your running costs in your regular lease payments. You’ll pay $0 GST on those packaged running costs.

Doing this means a single payment for all your car costs, with an income tax saving on every dollar you spend.

With a Tesla Model 3 novated lease, you can package:

  • Charging costs
  • Roadside assistance
  • Servicing
  • Roadside assistance
  • Tyres
  • Car washes
Tesla Model 3 novated lease residual

What will the residual payment be on my Tesla Model 3 novated lease?

Your novated lease residual payment is the amount required for you to pay out the lease and own your Tesla Model 3 outright.

The residual falls due at the end of your novated lease and will be a percentage of the purchase price of your Model 3. The residual percentage depends on the length of the lease (the ATO sets the minimum residual levels allowed for various lease durations).

As an example, on a Tesla Model 3 RWD with purchase price of $64,201, the residual payment at the end of a 5-year lease would be $18,090.71 (inclusive of GST).

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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.

Written by

Shaun McGowan Money.com.au founder

Loans Expert

Shaun McGowan

Reviewed by

Sean Callery Editor Money.com.au


Sean Callery