Why use a novated lease for your Tesla Model Y?
Save up to $6,334 with a GST discount on a Model Y
Make 100% of your lease payments with pre-tax salary
Pay $0 GST on Model Y running costs (including charging)
100% Australian customer support at every stage
Tesla Model Y novated lease costs
| Tesla Model Y (RWD) | Tesla Model Y (Long Range) | |
|---|---|---|
Estimated drive-away price | $72,201 | $88,506 |
Up-front GST saving | $6,191 | $6,191 |
Weekly novated lease cost | $230.71 | $274.80 |
Total tax saving during lease | $40,893 | $48,617 |
Tesla Model Y variants eligible for the novated lease FBT exemption
The Tesla Model Y RWD and Model Y Long Range models 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 model is not eligible for the FBT exemption as its purchase price is above the luxury car tax (LCT) threshold for fuel-efficient vehicles ($91,387 for 2024/25).
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 eligible 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.
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
- Registration
- Car insurance & roadside assistance
- Servicing, tyres, car washes
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).
Get a quick novated lease quote for a Tesla model
See how much you could save on your Model Y, plus running costs with a novated lease. Get a personalised, no-obligation quote today.
