at fingo, we’re advancing a sustainable transportation future for australians. recognising that transitioning to electric vehicles (EVs) should be both an ecological and financially savvy choice, we’re thrilled to unveil our novated lease program for electric cars. beyond the inherent environmental benefits, fingo also empowers you to leverage the EV FBT exemptions through novated lease electric car program. with the FBT electric vehicles exemption combined with our tailored leasing solutions, the allure of going electric is amplified, offering both ecological and financial advantages as you navigate the road ahead.
maximise your savings with a novated lease EV
A novated lease for an eligible electric vehicle (EV) or plug-in hybrid electric vehicle (PHEV) can offer significant savings compared to other car purchase methods. When you choose an EV or PHEV under a novated lease, the lease is exempt from fringe benefits tax (FBT). This exemption allows you to pay for the entire cost of the lease, including all packaged running expenses, using your pre-tax salary, potentially saving you thousands of dollars compared to acquiring a non-electric vehicle or purchasing the same vehicle by other means.
Embrace sustainability and savings with a novated lease for your electric vehicle.
Opting for a novated lease for an electric car can be a game changer for environmentally conscious drivers looking to combine sustainability with cost-effectiveness. A novated lease for an electric vehicle supports your green lifestyle and offers significant financial benefits.
When you choose a novated lease for electric vehicle, you’re making a statement about your commitment to reducing emissions and positioning yourself to take advantage of unique savings. Electric cars typically have lower running costs than traditional petrol or diesel cars, including reduced maintenance costs due to fewer moving parts and cheaper fuelling options thanks to electricity being less costly than petrol.
Moreover, governments often offer incentives for electric vehicle ownership, including tax reductions, rebates and grants. When these are combined with the tax benefits of a novated lease, where payments are made from pre-tax income, the cost savings can be substantial.
Beyond the financial aspects, a novated lease agreement often includes the management of all vehicle-related expenses, such as registration, insurance and maintenance. This simplifies your budgeting and removes the usual hassles associated with car ownership.
calculate your novated lease ev savings
FBT Exemption Electric Vehicles
Are you considering an EV novated lease? One of the most compelling reasons to proceed could be the tax advantage offered through FBT exemptions. A novated lease enhances the financial and environmental benefits, making it an increasingly popular choice among savvy drivers.
FBT, or Fringe Benefits Tax, typically applies to benefits employees receive from their employers that are not in the form of salary or wages. For traditional vehicles, this tax can add a substantial cost to owning a car through a novated lease. However, electric vehicles (EVs), when financed through a novated lease for EV, often qualify for FBT exemptions or significant reductions. This exemption is designed to encourage the adoption of greener technologies by making it more cost-effective for employees to drive an electric vehicle.
The FBT exemption for EV novated leases means that the cost of leasing and running an electric car can be substantially lower than that of a comparable petrol or diesel model. This is not just good for your wallet but also good for the planet. Electric vehicles offer the dual benefits of reducing carbon emissions and minimising the consumption of fossil fuels.
Furthermore, the overall costs of maintaining an electric vehicle are lower due to fewer moving parts and reduced wear and tear. When these factors are combined with the potential FBT savings under a novated lease for an EV, the total cost of ownership can be significantly less than traditional car leasing options.
By choosing Fingo to lease an electric vehicle, you’re benefiting from lower operational costs and tax savings and contributing to a sustainable future.
benefits of novated lease electric car
- financial savings: with the potential for FBT exemptions on EVs, you could enjoy significant tax savings. by consolidating your vehicle’s running costs into one manageable pre-tax deduction, fingo makes the financial side of owning an EV more accessible and beneficial.
- comprehensive packages: our novated lease electric car packages are not just about the vehicle itself. we include aspects like insurance, and registration, ensuring you have a one-stop solution for all your EV needs.
- expert guidance: the world of electric vehicles can be intricate. with Fingo by your side, you have access to experts who can guide you on the eligible EV choices, and the latest in EV technology.
- tailored budget plans: every driver’s needs are unique, which is why fingo crafts personalised budget plans. these plans cover not only your EV’s repayments but also forecasted charging and maintenance costs, offering you clarity and financial predictability.
- environmentally responsible: by novated leasing EV with fingo, you’re making a conscious decision to reduce your carbon footprint. drive with the peace of mind that you’re contributing to a cleaner, greener future.
- seamless process: fingo simplifies the novated leasing process. from initial consultation to getting you on the road, we handle the details, ensuring a hassle-free transition to your new EV.
- continuous support: our relationship doesn’t end once you drive off in your new EV. fingo provides ongoing support, ensuring you’re always in the loop about updates in the EV space, and assisting with any queries or needs related to your lease.
how novated lease for EV is cheaper option
Choosing a novated lease for an electric vehicle (EV) or plug-in hybrid electric vehicle (PHEV) under the Australian Federal Government’s Electric Vehicle Discount policy can be a financially savvy decision. This policy exempts EVs and PHEVs valued up to the luxury car tax threshold of $89,332 (FY 23/24) from fringe benefits tax (FBT), which includes passenger vehicles capable of carrying less than one tonne and used cars first utilized after July 1, 2022. For eligible PHEVs, the leases must commence before April 1, 2025. The FBT exemption extends beyond the purchase price to cover all related running costs such as charging, insurance, registration, servicing, and tires.
This substantial cost reduction has spurred a dramatic increase in EV and PHEV sales in Australia, nearly tripling from 39,437 in 2022 to 98,429 in 2023. The policy not only makes EVs more accessible by lowering upfront and ongoing costs but also aligns with broader environmental goals by encouraging cleaner, sustainable transportation options. This makes novated leases for EVs not just an economically wise choice, but also an environmentally responsible one.
EV Novated Lease Eligibility
Considering an electric vehicle (EV) for your next car? Understanding EV novated lease eligibility and the array of incentives can significantly influence your decision, making it an environmentally conscious choice and a financially smart one.
EV Novated Lease Eligibility: Almost any employee who receives a salary and whose employer offers novated leasing is eligible for an EV Novated lease. This includes full-time, part-time and some contractual employees. The critical requirement is that your employer must agree to the novation agreement, which redirects some of your pre-tax salary towards the lease of an electric vehicle. This setup simplifies acquiring an eco-friendly car and enhances your benefits through significant tax savings.
EV Novated Lease Incentives: Many governments globally, including Australia, are pushing for increased EV adoption through various subsidies and tax breaks. These EV novated lease incentives can include reduced purchase prices, lower registration and stamp duty fees, and significant rebates on installing EV charging infrastructure at home. Electric vehicles often have lower ongoing costs than traditional vehicles due to fewer mechanical parts and cheaper ‘fuelling’ costs with electricity versus petrol.
The eligibility and incentives associated with an EV novated lease make it an excellent choice for those looking to combine financial benefits with environmental responsibility. If you’re eligible, taking advantage of these incentives can make driving an EV more accessible and affordable, ensuring you benefit from personal and planetary health.
Drive Smarter with Hybrid Technology: Discover the Benefits of a Hybrid Vehicle Novated Lease
When optimising your driving experience and maximising economic benefits, novated leases for hybrid vehicles stand out as superior choices. These vehicles offer a blend of internal combustion engines and electric motors, reducing emissions and lowering fuel costs.
Key Features of Novated Lease Hybrid Vehicles:
- Dual Power Sources: Hybrid vehicles switch seamlessly between an electric motor and a petrol engine, offering efficiency and extended range. This dual functionality ensures optimal energy usage by utilising electric power for short trips and petrol for longer journeys, ultimately decreasing fuel consumption.
- Environmental Benefits: By emitting fewer pollutants than traditional vehicles, hybrids create a cleaner environment. This makes novated leases particularly appealing for eco-conscious drivers.
- Cost-Effective Driving: Hybrids, especially those under plug-in hybrid novated leases, are known for fuel and operational cost savings. The ability to recharge batteries, either at home or at charging stations, allows for substantial savings on fuel costs.
Like other novated leases, leasing a hybrid vehicle can reduce your taxable income due to the pre-tax financing structure. This can result in significant tax advantages over the life of the lease. Many regions offer additional incentives for hybrid and electric vehicles, including rebates, reduced registration fees, and tax credits. These incentives make PHEV novated leases even more financially attractive.
A novated lease bundles all vehicle-related expenses into one convenient monthly payment. This includes insurance, registration, maintenance, and even fuel, which can be advantageous for hybrids, given their lower fuel and maintenance requirements.
By choosing a novated lease from Fingo, you benefit from advanced vehicle technology and environmental stewardship and enjoy continued cost savings and convenient lease management.
Green Vehicle Leasing Made Easy: Your Path to a Cleaner Drive
Embracing a sustainable future doesn’t require a high price tag. Our novated lease programs make switching to an eco-friendly vehicle easier and more affordable than ever. Whether you’re interested in a zero-emission ride or the latest hybrid technology, we’re here to facilitate a smooth transition with significant financial and environmental benefits.
How We Assist with Green Vehicle Novated Leases:
- Tailored Solutions: Understanding that each client has unique needs, we offer tailored leasing solutions encompassing a wide range of green vehicles, from cheap electric leases to zero emission vehicles. Our experts work closely with you to find a vehicle that suits your lifestyle and aligns with your financial goals.
- Maximising EV Novated Lease Benefits: The advantages of an EV novated lease are substantial. You benefit from lower operational costs—thanks to reduced fuel and maintenance expenses—and you also enjoy significant tax savings. Leasing an electric vehicle through our novated lease program means you can use pre-tax dollars to cover your lease payments, effectively lowering your taxable income and maximising your savings.
- Comprehensive Support: We manage every aspect of your novated lease from selecting the right vehicle to handling all the paperwork and maintaining your car. Our goal is to provide a hassle-free experience, allowing you to enjoy the journey without the administrative burdens typically associated with vehicle leasing.
- Sustainability Benefits: By choosing a novated lease, you’re not just making a cost-effective decision; you’re also contributing to a healthier planet. Zero-emission vehicles help reduce air pollution and decrease reliance on fossil fuels, aligning with global efforts to combat climate change.
- Incentives and Rebates: We help you navigate and capitalise on various governmental and local incentives available for electric and hybrid vehicles. These can include rebates, tax credits, and other benefits to make green vehicles more accessible.
By partnering with us for your green vehicle novated lease, you’re choosing a path that leads to personal and environmental rewards.
australia's best selling evs and phevs for novated leasing
Thanks to the major fringe benefits tax incentive, there’s a surge in demand for EVs and PHEVs. Check out our selection of the most popular eligible vehicles below the luxury car tax threshold:
- Mercedez-Benz: we have EXCEPTION SAVINGS on the EQA and EQB range.
- Tesla: Leading Australia’s EV market with the Model 3 and Model Y.
- BYD: Noteworthy options include the Atto 3, Dolphin, and Seal.
- MG: Affordable choices such as ZS and other models.
- KIA: The EV6, EV9, and Sorento PHEV are crowd favorites.
- Hyundai: High-demand models include the ioniq5 and kona.
- Mitsubishi: The family-friendly Outlander PHEV 5+2 seater remains popular.
- Volvo: Standout choices encompass the XC40 and C40 Recharge.
- BMW: The iX1 qualifies for FBT-exempt status due to its pricing.
- Polestar: Rising in popularity, especially the Polestar 2.
frequently asked questions
what is FBT and how does it relate to my novated lease EV program?
fbt, or Fringe Benefits Tax, is a tax that employers pay on certain perks or benefits given to their employees beyond their regular salary. when you have a novated lease with Fingo, especially for electric vehicles (EVs), you could be eligible for FBT exemptions or reductions. this means potential tax savings for both you and your employer. fingo's team is adept at guiding you through this process, ensuring you maximize the benefits of your EV novated lease in relation to FBT.
why should I consider a Novated Leasing EV?
electric vehicles offer numerous benefits, including reduced carbon emissions, potential savings on fuel, and lower maintenance costs. coupled with Fingo's novated lease structure and potential FBT advantages, you can enjoy both financial and environmental benefits.
are all electric vehicles eligible for FBT exemptions under a novated lease?
while many electric vehicles are eligible for FBT exemptions or reductions, the specific list and criteria can change based on government regulations. fingo stays updated on these policies to guide you on the most beneficial choices.
can I choose any EV model for my novated lease EV with Fingo?
while Fingo offers a wide range of EV models for novated leasing, availability might vary based on market conditions. we're committed to helping you find an EV that suits your preferences and needs.
why choose Fingo for Novated Leasing Electric Vehicle?
fingo offers a comprehensive novated leasing package tailored to EVs. this includes not only the vehicle itself but also aspects like charging solutions, insurance, and maintenance. with our expert guidance, you're assured of a seamless transition to electric driving.
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save thousands on your novated lease
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thanks to our wealth of industry knowledge we are able to offer savings unrivalled by others.
tailored package
we craft a package specifically to your values and needs, so that you can get the most out of our services.
replacement policy
unhappy with your car or looking to upgrade? we'll accommodate your requests and re-negotiate your plan in order to set you up with your ideal vehicle.
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we operate with full transparency to ensure you don’t get stuck with hidden fees or taxes.
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we want to get you on the road as soon as possible, so you don't want to be held up by unnecessary waiting periods.
flexible service
we strive to be a helping hand from start to finish. if you're struggling to pay off your loans or need to reshape your package, our team can help.
benefits of a novated lease for employees
- no gst on the purchase price
- no deposits or up-front costs
- save on your vehicle running and maintenance costs
- save thousands in income tax
- take your vehicle with you if change jobs
- just one easy monthly payment for all your vehicle expenses
benefits of a novated lease for employers
- cheaper and easier to manage than providing company cars
- provide a more attractive remuneration package to potential and existing customers
- no residual risk
- lower payroll tax and workcover premiums. no surplus vehicles if an employee changes jobs
- we take care of arranging everything so you can focus on important business matters
