Can be 30-40% cheaper than paying cash for your EV
Total cost of vehicle comparison for a $50,000 purchase price.*
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How a novated lease works in 3 easy steps
Enquire
Once youβve decided that a novated lease is a fit for you, complete our obligation-free enquiry form.
Review your quote & apply
Driva will be in touch to provide a quote and talk you through the process of applying.
Approval & vehicle reservation
Your finance approval is in place and you can now purchase the vehicle. Your employer will make payments directly to the lease provider from your pre-tax income!
How does a novated lease work?
A novated lease is an arrangement between you, your employer and a leasing company where your employer uses your gross salary (before tax is deducted) to pay the leasing company for a car you use privately.
How does a novated lease affect my income tax?
Repayments are pre-tax, lowering your taxable income. For electric vehicles, tax savings are even greater due to FBT exemption.
Can novated leases be transferred if I change jobs?
Yes, novated leases are transferable. Lease obligations can follow you to a new employer or attach to your new job.
What are the benefits of a novated lease?
There are many benefits of financing your new vehicle purchase with a novated lease including:
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- Tax advantages
- The choice of a new or used vehicle
- Running costs such as services, fuel and registration can be included
- Save money with an exemption of paying Fringe Benefits Tax (FBT) on eligible EVs financed under a novated lease
- Budget convenience
What is the 'Electric Car Discount' policy?
The Labor Government launched its first ever electric vehicle strategy in September 2022, and in November 2022, the Treasury Laws Amendment (Electric Car Discount) Bill passed through the Federal Parliament, which will provide up to $2000 off the purchase price of battery-electric and plug-in hybrid vehicles (PHEV), as well as Fringe Benefits Tax (FBT) exemptions for fleets and novated leases.
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The Government will apply the exemption retrospectively to eligible cars first used on or after July 1, 2022.
PHEVs will initially be covered, but the offer will expire on April 1, 2025.