Electric Vehicles

Novated Leasing - Electric Vehicles

Thinking about an electric vehicle? Think it’s time to talk to Maxxia.

The Electric Car discount could save you thousands through a novated lease

Electric Vehicles:
Common Myths
Benefits
Offers
Gov't EV Discount

There’s never been a better time to get into an electric vehicle, and there’s never been a better way than through a novated lease with Maxxia.

With the Australian Government’s Electric Car (EV) Discount, taking out a novated lease on an EV just got a whole lot cheaper. So, if you were thinking about making the switch to an eligible electric or plug-in hybrid vehicle, your time is impeccable.

As one of Australia’s largest novated lease providers, we’re ready to help get you into an electric or plug-in hybrid car of your choice. We’ve geared up our systems and are working closely with key suppliers to help you make a confident choice – for yourself and the environment.

Two women charging their EV at charging station.

The New EV Discount: A Recap

Novated leases are required by law to have a certain amount of Fringe Benefits Tax be paid – it’s why pre- and post-tax payments are needed. With the Electric Car Discount however, a novated lease on an eligible EV is FBT exempt, meaning you don’t pay any post-tax contributions – for EVs retailing up to the Luxury Car Tax threshold of $91,387.

EV Discount Comparison Graphic - Maxxia EV Novated Lease

How Much Could You Save?

We’ve compared the potential savings you could get under existing novated lease policy with what you could enjoy under the EV Discount.

Let’s say you earn $90,000, and you’ve decided an Tesla 3 is for you, driving it 15,000 kilometres a year over a five-year lease.

Your estimated net benefit under the EV Discount is $43,148*.

In this example, the Tesla 3’s driveaway price is over $20,000 more than the Mazda CX-5, yet the cost per week is similar.

 

Common Myths: Eco-Friendly Vehicles

We respond to five of the most common misconceptions about Electric Vehicles.

"They’re expensive"

While the upfront costs of EVs are currently more expensive than conventional petrol vehicles, powering an EV costs an estimated 70 per cent less per kilometre, according to the Electric Vehicle Council.

EVs have lower running costs than regular petrol-powered cars, given they have no engine, transmission, head gasket or spark plugs. Consequently, you likely won’t have to service an EV as regularly.

Battery EVs don’t require petrol or diesel. For context, the average Australian drives 15,000 kilometres a year, spending more than $2,000 on fuel. It’s estimated an EV also travelling 15,000 kilometres costs around $600 per year – that’s a $1,400 annual saving.

"You don’t get far on one charge"

According to the Electric Vehicle Council, current EVs have an average battery range of nearly 480km but with ongoing technology advancements some new models can get to 550km on a single charge.

With the average Australian driving 38 kilometres a day, an EV owner who carries out short trips can go for 10 or more days without needing to recharge.

"There’s nowhere to charge them"

Most new EV sales include an entry-level charger which simply connects to a normal electricity power outlet that you would have at home. These basic chargers are adequate for maintaining a full charge for many people doing a daily work commute or trip to the shops.

Public charging solutions are available across Australia. The Electric Vehicle Council’s website lists all available charging stations around the country, including the type of chargers.

"Charging takes too long"

Charging times are decreasing as technology changes and more EVs hit the market. Entry-level chargers supplied with EVs can take up to 30 hours to fully charge a vehicle; this timeframe reduces to overnight with higher capacity chargers available at an optional cost.

Public chargers can be much faster – with super-charge stations adding up to 300 kilometres of range in 10 to 15 minutes, and regular stations often doing the job in less than five hours.

With the convenience of home-charging – either overnight or during periods of the day that you don’t need to drive – the need for faster chargers may not be a pressing requirement for some people.

"They’re not as responsive"

EVs can deliver full torque instantly, allowing them to accelerate faster than equivalent combustion engine vehicles.

FAQs

Got more questions about salary packaging an eco-friendly car? We’ve got you covered.

EVs General EVs Novated Leasing

 

What are the potential benefits of Electric Vehicles?

Icon Cheaper to Run and Maintain

Cheaper to run and maintain

Cost typically on average 70% less per kilometre than a petrol -powered car, while servicing costs are less because EVs have fewer moving parts.

Icon Environmentally Friendly

Environmentally friendly

By burning zero – or less – fuel, EVs also emit fewer or no emissions.

Icon Improved Comfort

Improved comfort

Electric motors are noiseless, making for a quieter and smoother drive.

Icon Renewable Energy Smarts

Renewable energy smarts

Newer EV models can potentially put electricity back into a household or grid, which could help you to save on your energy bills.

Icon Energy Security

Energy security

Help reduce Australia’s imported fuel bill – freeing up funds that can be invested locally instead.

EV Vehicle Offer Banner

Electric and Hybrid Vehicle Offers

Tapping into Maxxia’s huge buyer network to take out a novated lease on an electric or hybrid vehicle is a win-win: not only do you look after you and enjoy the convenience and potential financial savings of novated leasing, you’ll also be doing your bit for the environment.

Find out more

The features and potential benefits of a novated lease on an EV with Maxxia.

Maxxia Marketplace Icon
Maxxia Marketplace

Don’t limit yourself to one brand’s new-car deals. Leasing an electric or hybrid car through Maxxia gets you access to some of the best deals and manufacturers across the country. You could also save GST upfront on the price of the car and some of your running costs.

Tax Effective
Tax Effective

With the Electric Car Discount, payments on eligible electric or plug-in hybrid vehicles up to the Luxury Car Tax threshold of $91,387 are fully sourced from your pre-tax salary. This could reduce your taxable income and potentially save you thousands.

Icon Budget Convenience
Budget Convenience

Say goodbye to bill-shock. We’ll work with you to draw up a manageable budget covering all your lease repayments and running costs in one regular payment. No more bill-juggling!

Icon Transparency
Transparency

The Maxxia App lets you check your balances, change your details and allows on-the-go flexibility with claiming.

Icon Maxxia Advantage
Maxxia Advantage

Maxxia does the heavy lifting for you. We can source your EV or hybrid vehicle and negotiate a great price, manage the paperwork and arrange the finance and any insurances you may require.
 

Icon Dedicated Support
Dedicated Support

Enjoy dedicated access to our MyCar Customer Service and Maintenance teams.

Cars parked in a row

 

 

Find Your Car

A tax-effective way to salary package the car you need.

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Article

Novated Leasing a Hybrid or Electric Vehicle with Maxxia.

Read more

*Novated Lease example: The estimated potential tax benefit is over the full-term of the lease (5 years) exclusive of GST and is based on the assumption that you would salary package using Employee Contribution Method (ECM) for the petrol vehicle and Fringe Benefits Tax Exempt Method for the electric vehicle. The Fringe Benefits Tax Exempt Method is only used for eligible electric vehicles under the luxury car tax threshold of $91,387. Payment includes: Your lease payments, fuel or charging, registration, tyres, insurance, scheduled servicing, fleet management fee and have been calculated on a GST exclusive basis on the assumption that your employer will be entitled to GST input tax credits and that they will pass on the benefit to you. The estimated annual benefit will vary depending upon salary, employment circumstances, selected benefits and applicable tax treatment. The example assumes you earn a gross annual salary of $90,000, a 5-year lease term, an annual distance travelled of 15,000kms, a 28.13% residual value and the EV is an eligible zero or low emissions vehicle that was first held and used on or after 1 July 2022. GST is payable on your ECM contributions. State Stamp Duty rates apply. PAYG tax rates effective 1 July 2024 have been used. 

Things you need to know: This general information doesn't take your personal circumstances into account. Please consider whether this information is right for you before making a decision and seek professional independent tax or financial advice. Conditions and fees apply, along with credit assessment criteria for lease and loan products. The availability of benefits is subject to your employer’s approval. Maxxia may receive commissions in connection with its services.

Maxxia Pty Ltd | ABN 39 082 449 036.

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