Why use a novated lease for your Tesla Model 3?
Save up to $6,334 in GST on Model 3 purchase price
Make 100% of your lease payments with pre-tax salary
Pay $0 GST on car running costs (including charging)
100% Australian customer support at every stage
Tesla Model 3 novated lease costs
| Tesla Model 3 (RWD) | Tesla Model 3 (Long Range) | Tesla Model 3 (Performance) | |
|---|---|---|---|
Estimated drive-away price | $64,201 | $77,201 | $93,821 |
Up-front GST saving | $5,736 | $6,191 | $6,191 |
Weekly novated lease cost | $209.23 | $241.17 | $291.50 |
Total tax saving during lease | $37,188 | $42,879 | $51,620 |
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 models are eligible, with purchase prices below the LCT threshold for fuel efficient vehicles ($91,387 for FY 2024/25).
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.
Include Tesla Model 3 running costs in your novated lease
If you get a Tesla Model 3 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:
1
Charging costs
2
Registration
3
Car insurance & roadside assistance
4
Servicing, tyres, car washes
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).
Get a quick novated lease quote for a Tesla model
See how much you could save on your Tesla, plus running costs with a novated lease. Get a personalised, no-obligation quote today.
