Tesla Model Y Novated Lease

  • Save $1,000s per year with a Tesla Model Y novated lease
  • Pay $0 fringe benefits tax on eligible variants

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

Tesla Model Y Novated Lease
Tesla Model Y Novated Lease

What you get with a Tesla Model Y novated lease

Best match guarantee

Save $5,885 instantly with a GST discount on a Model Y

Novated Lease

Pay $0 GST on Model Y running costs (including charging)

Consolidating debt

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

Australian Customer Support

100% Australian customer support at every step

Shopping around for the right novated lease can save you thousands of dollars in interest and fees.

In our Tesla Model Y novated lease guide:









Tesla Model Y novated lease costs

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

Tesla Model Y (RWD)





Tesla Model Y (Long Range)





Important: Tesla Model Y 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 Y variants eligible for the novated lease FBT exemption

The Tesla Model Y RWD and Model Y Long Range variants are eligible for a novated lease fringe benefits tax (FBT) exemption based on their purchase price.

This means that in addition to the standard tax savings available with any novated lease in Australia, it’s possible to save thousands more on a Tesla Model Y.

Currently the Model Y Performance variant is not eligible for the FBT exemption as its purchase price is above the luxury car Tax (LCT) threshold for fuel-efficient vehicles ($89,332 for 2023/24).

Tesla Model Y novated lease FBT exemption: How it works

With a Tesla novated lease that’s eligible for the FBT exemption, you’ll be able to cover 100% of your lease costs (including car running costs) using your pre-tax salary. This significantly increases the benefit of a novated lease on vehicles like the Tesla Model Y.

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

The FBT exemption is a major incentive for electric car novated leases and is designed to increase uptake of zero-emission vehicles in Australia by making them much more affordable.

Drivers who opt for Tesla Model 3 novated lease will also be eligile for the exemption, depending on the variant they choose.

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

benefits of an electric car novated lease

Include Tesla Model Y running costs in your novated lease

With a Tesla Model Y novated lease, you’ll be able to include pretty much all of your car running costs in your regular lease payments. As well as the income tax benefit, you’ll receive a GST saving (10%) on those packaged running costs.

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

  • Charging costs
  • Roadside assistance
  • Registration & CTP insurance
  • Servicing
  • Roadside assistance
  • Tyres
  • Car washes
Tesla Model 3 novated lease residual

Residual payment on a Tesla Model Y novated lease

The novated lease residual payment will be the outstanding amount you'll need to pay to own your Tesla Model Y outright.

The residual amount is set at the beginning of the agreement but falls due at the end of your novated lease.

It will be a percentage of the purchase price of your Model Y, with the percentage depending on the length of the lease.

As an example, on a Tesla Model Y RWD with purchase price of $72,201, the residual payment at the end of a 5-year lease would be $20,425 (inclusive of GST).

Compare loans in 60 seconds

Get a quick novated lease quote

See how much you could save on your Model Y plus running costs with a novated lease. Get a personalised, no-obligation quote today.


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