Tesla Model Y Novated Lease Pricing (Save $1000's)

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

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

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

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

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:

Written byShaun McGowanReviewed bySean Callery

Last updated22 December 2023

Vehicle	Estimated drive-away price	Up-front GST saving	Weekly novated lease cost	Total tax saving during lease
Tesla Model Y (RWD)	$72,201	$6,191	$230.71	$40,893
Tesla Model Y (Long Range)	$88,506	$6,191	$274.80	$48,617

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.

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

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

Comprehensive car insurance

Roadside assistance
Registration & CTP insurance
Servicing
Roadside assistance
Tyres
Car washes

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).