Tesla Model Y novated lease: what you need to know
The Model Y is one of the most popular electric cars on novated leases in Australia. Tesla changes its prices and versions often, and sells direct rather than through dealers. This page covers what matters for a novated lease on the Model Y, and the examples open it in the Navo engine for your figures.
The FBT position for the Model Y
Some versions are likely to be under the lower threshold and others above it, so the version you choose can change the result from 1 April 2027.
Under the announced changes, a version under the lower threshold keeps the full exemption for commitments made before 1 April 2029. Above it, only commitments made before 1 April 2027 keep it; after that, a partial discount applies. These changes are not law yet.
Novated lease or car loan for a Model Y?
Suits: Families and commuters who want an electric SUV with plenty of space.
On an exempt electric car a novated lease often costs less than a loan, especially on higher incomes. A loan can still suit if your employer doesn’t package, your income is lower, or a job change is likely.
What to check before you sign
- The exact version and its drive-away price.
- Where that price sits against the lower threshold and the luxury car tax threshold.
- When you commit and when the car will be provided.
- What happens to the lease if you change jobs.
- The residual at the end, and what the car is likely to be worth.
Worked examples
Open an example in the Navo engine, add your own income, and see the figures for every way to pay.
A Tesla Model Y on a novated lease
Salary packaging at work, owning the car at the end. Add the drive-away price of your version.
A Tesla Model Y with no packaging at work
No salary packaging available: see the car loan. Add the drive-away price.
Questions
Does Tesla’s direct pricing affect a novated lease?
The lease is priced on the drive-away price on your order. Tesla’s prices change often, so the figure that counts is the one when you commit.
Do I need my employer’s agreement for a Model Y novated lease?
Yes. Your employer signs the lease agreement and runs the deductions through payroll. Any employer can, and our partner millarX can set it up with them.
What if I change jobs during the lease?
The lease can move to your new employer if they package it, or the payments come back to you. From 1 April 2029 a lease moved to a new employer may get only the partial discount.
Reviewed 7 October 2026. General information only, not tax advice. Check the final law and ATO guidance; prices and versions change.