Australia's Best Electric Car Lease Solution

The Electric Car Discount began 1st July 2022 which means most EVs currently on the market will be exempt from the 47% Fringe Benefits Tax (FBT).

EVs just got more affordable

Get ready for the proposed FBT exemption

We work with your employer to help set the benefit up

Save up to $20,000 vs a traditional 5 year car loan

Direct payment to suppliers, minimising claim & reimbursements

Easily convert your existing EV loan to a novated lease

Flexible Visa card for charging stations to ensure you can maximise your benefit

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Benefits of an Electric vehicle

Lower Running Costs

With fuel costs sky rocketing, it makes sense to invest in electric for your next vehicle

Reduced Emissions

Get the peace of mind that your are saving your wallet and the environment every time you get on the road.

High Resale Price

With demand for EVs constantly going up, this means great trade in prices. This the recent FBT exemptions, they just got more affordable.

With EV FBT exemptions, businesses will save by not paying FBT and also increase demand for novated leases of Electric cars as these exemptions make them a more attractive salary packaging option. Lastly, choosing an EV becomes a more enticing lease option as employees garaging their EV at home won’t attract FBT.

Why an EV Novated Lease?

Reduce Taxable Income

Make repayments, maintenance, charging costs, insurance and even registration from your pre-tax income, and reduce the amount of tax you pay upfront.

Employer Options

You can choose the car you want and take it with you to your next job if you change employers.

Leasing Options

A range of novated car lease options allows you to choose those with flexible terms, fixed interest rates, and no deposit requirement.

Salary Packaging

Talk to us about salary packaging benefits and understand how salary packaging works and where the savings come from. We're here to answer any questions you have about salary packaging.

Electric Vehicle Novated Lease Deals

Our Novated Lease Packages include the following;

  Repayments

  Charging

  Tyres

  Registration

  Servicing

  Insurance

$   300

pw

Tesla Model 3

Includes $100 per week in running costs

Tax Savings $12,095

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FAQ

What is an FBT Exemption?

The FBT exemption on EVs allows an employee to pay for their vehicle using pre-tax only and not FBT or post-tax offset (ECM).

How does this benefit me?

Your vehicle basically becomes fully tax-exempt (up to the Green luxury car tax limit), as long as it meets the conditions. This means a full pre-tax payment on your finance, rego, insurance, tyres, servicing and charging costs. It also entitles you to claim all the GST costs associated with these expenses via your employer.

What does my employer need to do?

Your employer has to process one pre-tax payment to PSP. No reporting, no hassles and no fuss. Click here to email and talk with our Operations Manager about how easy this is to set up.

This is a quick way to help increase an employee's net pay and reduce household costs

Payroll - What do I tell my boss?

We can contact your payroll and help set up this benefit. If your employer can set up and pay an extra superannuation deduction, they can set up an EV novated lease. We work with all payroll software such as reckon, MYOB and Xero.

Can I claim electricity costs?

Yes, you can claim your electricity costs when using a public EV charging station. Our vehicle expenses card allows you to pay directly from your salary packaging account without having to claim and reimburse. You can also claim charging costs at home if you have a separate meter for vehicle charging in order to separate the household and vehicle costs.

How does this affect my payment summary?

This benefit could potentially reduce your taxable income and reduce the total on your payment summary resulting in a lower taxable income without receiving Reportable fringe benefits amounts (RFBA).

What is the difference between an electric and hybrid vehicle?

Hybrid Vehicles still utilise a petrol engine for the majority of power use and the battery engine for low-speed usage eg around shopping centres or on light highway driving, depending on the model.

Why should I choose an EV over a hybrid – or vice versa?

Currently, hybrid-based vehicles give a great range for those travelling long distances and offer greater flexibility based on location. As the charging network grows the travelling distance for EVs will become easier with many of the national motoring bodies implementing charing networks across regional areas.

How much less does it cost to run an electric vehicle??

It costs a lot less in "fuel or charging" costs to run an EV compared to an ICE vehicle, but costs are higher for items such as insurance and tyres. This is due to the higher premiums charges on EVs for comprehensive insurance and the general value of the vehicles being much higher in the initial purchase price. As an example, a Tesla 3 standard attracted an approx insurance cost of $1,600 per annum for a 35-year-old male based in Adelaide.

Positive Salary Packaging has also found a greater cost in tyre replacement and tyre wear with an increase in wear rate of approx. 25% compared to an ICE equivalent. These items are figured in the lease with pre-tax payments. The significant saving is in the charging vs bowser cost, with most drivers saving approx $2,900 per annum in cost.

How do I get a charger for my EV?

Most EVs will come with a base-level charging system for your home using a standard 10 amp plug that can be utilised for your vehicle. Many clients simply add the wall-mounted unit for anywhere between $700 to $1,500 plus installation costs dependent on the brand of vehicle. This results in a much quicker charge and allows maximum efficiency when charging your vehicle.

What are some of the leading manufacturers of EVs?

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What EVs are available in Australia?

The main model people think of vehicle is Tesla, but there are offerings from MG, BMW, Porsche, BYD and Polestar. Many manufacturers are in the process of bringing new models to the country as the initial sales of EVs start to increase and the national charging network continues to grow.

Will EVs get cheaper in the future?

We believe that as the demand for vehicles grow and more manufacturers bring vehicles for sale in the country, the cost of the vehicles will drop slightly. Along with manufacturers being in vehicles with small car sizing too which will reduce the initial purchase cost.

How long do EVs take to charge?

This will vary on the size of the battery in the vehicle and the rate that it is being charged. Supercharging stations in some cases may be able to charge 50% of the battery within 30mins in some cases. Whilst a slow charging 10 amp fitment could take up 6-7 hours to achieve the same level

How far can EVs travel on a single charge?

This will vary from model to model but some models are now able to travel up to 600+ kms on a single charge. Most people adopting this technology are CBD or Urban based motorists that are using the car for commuting and on average may only commute 50-100kms per day that works perfectly for them, giving lower running costs and fewer emissions.

How often do I need to replace the battery in an EV?

Batteries across many of the vehicles currently on the market have warranties of up to 4-8  years dependent on the brand. Long-term battery replacement is yet to be seen on many EVs on a wide-scale basis as the vehicles are so new to the market. This is something that can only be seen in the early hybrid vehicles, that occurred around the 10-year mark. In saying this, the level of technology and battery has greatly advanced in the last ten years, similar to that of mobile phones and laptop computers.

Are batteries dangerous in cars?

Whilst it may seem dangerous, the battery packs of Australia-delivered vehicles have met all the ANCAP-based requirements and ADR regulations for safety. These are no different in risk from standard petrol ICE vehicle that has 50-60 litres of high flammable liquid in the rear.

Can you tow with an EV?

Not many of the initial EVs on the Australian market have been designed as towing vehicles, some have the ability for towbar style hitch, but this is more for external storage of items such as Bicycles. We expect this to change as larger more traditional manufacturing brands such as GM and Ford come to the market with more fit to purpose vehicles over the coming 18-24 months.

Can you recommend any resources for more information on EVs and Hybrids?

A great place to start is on the manufacturer's website and national motoring bodies' websites, like everything internet-based forums, can be very one-sided articles based upon personal bias either for or against. Like all vehicles, it's best to go to the showroom and sit, look feel, drive and touch the car to make sure that it meets your end goals.

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We provide Novated Leases for all electric car brands, including the ones listed below

All novated examples are based on 60 months term traveling 15,000kms per annum based upon a $72,000 annual income. Images are for display and illustration purposes only. Vehicle supply is subject to availability and pricing may change subject to manufacture discretion and could affect the estimated figures list above. Novated leasing or Vehicle Packaging works for the employee by substituting a taxable benefit compared to their current personal scenario. The above figures represent the estimated net impact on your income taking into account the assumed tax and GST savings. All applications are subject to normal credit criteria and assessment along with loan suitability. Terms, conditions, fees and charges may apply. It is best to seek financial advice from an independent specialist in regards to your own personal circumstances before solely relying on these figures. Positive Salary Packaging ABN 71 643 583 171.

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