Electric vehicles (EVs) are becoming more and more popular in Australia, and novated leases provide an ideal way of entering one. Payments made from your pre-tax salary through salary sacrificing allow you to save on fuel, maintenance costs, registration and insurance coverage costs.
New FBT laws make electric and hybrid plug-in hybrid vehicles priced under $84,916 eligible for 100% FBT exemption on novated lease agreements, giving employees the chance to Salary Package them before tax.
Save money on your taxes
The EV tax credit makes NovatedEV novated lease electric vehicle one more cost-effective when used through a novated lease arrangement, as this enables salary packaging the purchase and running costs, thus saving on FBT (Fringe Benefits Tax).
An electric car meets the criteria for Fringe Benefits Tax exemption if its battery capacity falls within ten kilowatts and its maximum motor output reaches 100kW. Furthermore, an onboard charging system and energy meter must also be present on board to record energy use.
According to a recent survey, cost is the main barrier for many Australians wanting to purchase electric vehicles (EV). Maxxia’s managing director Kylie Chambers believes novated leasing offers an effective solution and has witnessed fourfold increase in EV lease orders this year alone.
Save on fuel costs
Electric vehicles (EVs) are more cost effective than petrol cars due to lower energy costs; on average, an EV costs around $10 less per 100km than its petrol equivalent.
Electric vehicles (EVs) also boast significantly reduced carbon emissions than petrol cars, making them especially relevant to companies looking to cut Scope 3 emissions.
Novating an electric vehicle (EV) allows for significant tax and GST savings, both income tax and GST alike.
Your can also claim back the costs associated with charging your EV using electricity – this may even work out cheaper than purchasing and fuelling with petrol!
Electric vehicles and plug-in hybrids classified as low or zero emission vehicles attract less Luxury Car Tax (LCT) than their petrol counterparts, making an EV novated lease even more cost effective.
Save on maintenance costs
If you opt for NovatedEV novated lease electric vehicle, maintenance expenses should not be high. That’s because these vehicles are built to be more reliable than traditional gas-powered ones; the only time maintenance fees might arise are if a battery fails (which could cost thousands) or modifications affect safety or performance of the car.
Novated leases make savings even greater because all costs for the car, battery and running costs are deducted directly from your salary before tax. Furthermore, selecting an electric vehicle eligible for the EV Discount could provide even further cost savings on your lease agreement.
As more Australians consider the advantages of electric vehicles (EV), demand will likely increase. And with FBT Exemption making novated leasing more attractive than ever, now may be the ideal time to switch.
Save on registration costs
Registering can be expensive, so choosing an electric car on novated lease could save you considerable money by covering all costs yourself. Your employer will cover these expenses instead.
Electric Vehicles (EVs) can also be an attractive investment because they do not attract Luxury Car Tax, since EVs fall below the $84,916 threshold and therefore fully FBT exempt – making Salary Packaging possible prior to tax.
Employees find this an easier way to manage their budget and find the best deal, while an EV allows for financing of its comprehensive car insurance – helping avoid out-of-warranty repairs altogether.
Save on insurance costs
NovatedEV novated lease electric vehicle makes owning electric vehicles much more cost-effective by enabling salary sacrifice for leasing costs and running expenses, including registration, comp insurance, servicing, tyre replacements, roadside assistance and car washes.
This can be especially valuable if you plan to purchase an electric vehicle (EV) with a large battery capacity, as these cars can be more costly to insure due to having more powerful engines that require additional coverage and increase theft risks.
Price may still be an obstacle for some Australians when considering an electric vehicle purchase; however, recent government incentives and novated lease options make taking the leap easier than ever before. And with lower running costs over its lifespan, an EV could save thousands in savings to your bank account!
Save on tyres
With the right home charging kit, an electric vehicle (EV) can be fully charged within minutes, saving both fuel costs and maintenance expenses. Furthermore, an EV will typically cost less to maintain than traditional petrol cars due to having fewer mechanical parts that require servicing, making for simpler upkeep costs overall.
Electric vehicles are unquestionably the future of motoring. Their low environmental impact makes them an excellent way to lower carbon footprint. Thanks to FBT exemption and other lease benefits, you could soon be behind the wheel of an affordable and reliable electric car!
NovatedEV novated lease electric vehicle offers an easier, quicker and more flexible way of driving the electric car of your dreams. At We Have Cars Ltd. we have an impressive range of electric and hybrid cars available on novated lease that are sure to meet all your lifestyle and budget needs – contact us now to start!
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