Novated lease
Tesla Model Y L on a novated lease: payments, balloon and the 2027 cap
Short answer: the Tesla Model Y L Premium AWD lists at A$74,900 before on-road costs, under the A$91,661 threshold, so it qualifies for the EV FBT exemption today. On our calculator's default assumptions, a 5-year novated lease on the list price works out at about A$1,232 a month before tax, reduces take-home pay by about A$491 a fortnight on a A$120,000 salary, and leaves a A$21,069 balloon. Its drive-away price is above A$75,000, the proposed cap for leases committed from 1 April 2027, which isn't law yet but matters if you're deciding when to order.
General information, not tax or financial advice. We don't recommend any lease provider.
General information, not tax advice. Rules change and your circumstances differ. Check the ATO sources linked here and speak to a registered tax agent or your employer's payroll team before you decide.
Price and FBT status
| Variant | List price (before on-roads) | Under A$91,661 FBT threshold? | Over proposed A$75,000 cap? |
|---|---|---|---|
| Model Y L Premium AWD (6 seats) | A$74,900 | Yes | Yes, once on-road costs are added |
The Model Y L comes in one grade, with six seats in a 2+2+2 layout (captain's chairs in the middle row), not seven (CarExpert; RACV). Paint options cost A$1,500 to A$2,600 and the Zen Grey interior A$1,500 (RACV).
Drive-away prices: Tesla calculates drive-away for your postcode in its online configurator, which blocked our automated check, so we couldn't confirm a current Victorian (3162) figure. At launch in March 2026, Tesla's site showed A$81,155 drive-away in Victoria (as posted on OzBargain); Drive estimated A$85,300 drive-away in NSW for its optioned test car (Drive). Check your postcode on Tesla's site before you get a quote.
An EV is FBT-exempt on a novated lease if its first retail price is below the luxury car tax threshold for fuel-efficient vehicles, A$91,661 for 2026–27 (ATO, LCT thresholds; ATO, Electric cars exemption). Even with every option, the Model Y L stays well under that line.
The 2027 catch: the Government has proposed limiting the full exemption to EVs under A$75,000 for leases committed from 1 April 2027. This is not yet law, and the Government says existing arrangements won't be affected. If it passes as proposed, a Model Y L lease committed after that date may not get the full exemption. See what happens after March 2027 for the detail.
Worked lease examples
These use exactly the same maths as our novated lease calculator: a standard loan formula on the full price, the ATO minimum residual (46.88% for 3 years, 28.13% for 5 years, ATO TD 93/142), 2026–27 tax rates plus the 2% Medicare levy, and no FBT.
Assumptions: interest rate 8% a year, running costs A$4,000 a year (rego, insurance, tyres, servicing and charging) packaged before tax. These are the calculator's default inputs, not a quote. Because we couldn't confirm a current Victorian drive-away price, the examples use the list price before on-road costs, so real payments will be higher. Providers also add fees and usually finance the GST-exclusive price.
Model Y L Premium AWD, A$74,900
| Salary | Term | Lease payment (each month, before tax) | Take-home pay drop (each fortnight) | Balloon (residual) |
|---|---|---|---|---|
| A$80,000 | 3 years | A$1,481 | A$569 | A$35,113 |
| A$120,000 | 3 years | A$1,481 | A$569 | A$35,113 |
| A$180,000 | 3 years | A$1,481 | A$511 | A$35,113 |
| A$80,000 | 5 years | A$1,232 | A$491 | A$21,069 |
| A$120,000 | 5 years | A$1,232 | A$491 | A$21,069 |
| A$180,000 | 5 years | A$1,232 | A$441 | A$21,069 |
At the A$81,155 Victorian launch drive-away price: about A$1,335 a month over 5 years, a take-home pay drop of about A$524 a fortnight at A$80,000 or A$120,000 (A$470 at A$180,000), and a A$22,829 balloon.
The take-home figure includes the A$4,000 of running costs, because those come out of pre-tax salary too. A$80,000 and A$120,000 give the same result because both stay in the 30% tax bracket after the deduction.
Run your own numbers: Model Y L at list price, 5 years, A$120k · Model Y L at A$81,155, 5 years, A$120k. Swap in your drive-away price from Tesla's configurator.
Running costs
Home charging: Tesla claims 14.6 kWh/100 km, and Drive saw 13 to 18 kWh/100 km in its testing (Drive). On OVO Energy's EV Plan at 4.5c/kWh from midnight to 6am in Victoria (OVO), the claimed figure works out at about A$0.66 per 100 km. Supply charges are extra, and real-world use is usually higher. See EV electricity plans in Victoria compared.
What a lease package typically includes: rego and CTP, comprehensive insurance, servicing, tyres, roadside assistance and an electricity budget, all paid from pre-tax salary. A home charger can often be packaged too. Our novated lease inclusions guide lists 25 items to ask about.
Key specs
| Model Y L Premium AWD | |
|---|---|
| Seats | 6 (2+2+2) |
| Range (WLTP) | 681 km |
| Battery | Not published by Tesla (Drive estimates 88.2 kWh gross) |
| DC charging (peak) | 250 kW |
| Drive, power | AWD, 378 kW |
| 0–100 km/h | 5.0 s |
| Braked towing | 1,588 kg |
| Vehicle-to-load | Yes, up to 3.3 kW with adaptor |
Sources: CarExpert, Drive (battery estimate).
Model Y L vs the five-seat Model Y and Sealion 7
Same assumptions: 5 years, A$120,000 salary, 8%, A$4,000 running costs.
| Car | Price used | Lease payment (each month, before tax) | Take-home pay drop (each fortnight) |
|---|---|---|---|
| Tesla Model Y L Premium AWD (6 seats) | A$74,900 (list) | A$1,232 | A$491 |
| Tesla Model Y Premium Long Range AWD (5 seats) | A$68,900 (list) | A$1,133 | A$460 |
| BYD Sealion 7 Performance (5 seats) | A$68,874 (drive-away, VIC 3162, BYD) | A$1,133 | A$460 |
Tesla prices are list prices before on-road costs, so their real drive-away gap to the BYD is larger than shown. The extra A$6,000 over the five-seat Long Range adds about A$99 a month to the lease payment.
Deals
We only list deals we've verified, and we found no current Model Y L offer we could confirm on Tesla's site. See our Deals page for current verified offers.
FAQ
How much is a Tesla Model Y L on a novated lease?
On our calculator's defaults (8% interest, A$4,000 a year running costs), the Model Y L at its A$74,900 list price is about A$1,232 a month before tax over 5 years, or A$1,481 over 3 years. On a A$120,000 salary, take-home pay drops by about A$491 a fortnight over 5 years. Drive-away pricing makes it higher.
Is the Tesla Model Y L FBT-exempt?
Yes, today. It's priced below the 2026–27 luxury car tax threshold for fuel-efficient vehicles of A$91,661. A proposed A$75,000 cap for leases committed from 1 April 2027 would catch it, but that isn't law yet.
Is the Tesla Model Y L a seven-seater?
No. It has six seats: two in each row, with captain's chairs in the middle.
What is the balloon payment on a Model Y L novated lease?
The ATO minimum residual is 28.13% of the price for 5 years and 46.88% for 3 years. At the A$74,900 list price that's about A$21,069 (5 years) or A$35,113 (3 years).
Sources
- Tesla Australia, Model Y configurator: https://www.tesla.com/en_au/modely/design
- CarExpert, 2026 Tesla Model Y L price and specs: https://www.carexpert.com.au/car-news/2026-tesla-model-y-l-price-and-specs
- RACV, 2026 Tesla Model Y L price, specs and release date: https://www.racv.com.au/royalauto/transport/electric-vehicles/2026-tesla-model-y-l-price-specs-release-date.html
- Drive, 2026 Tesla Model Y L review: https://www.drive.com.au/reviews/2026-tesla-model-y-l-review-australian-first-drive/
- OzBargain, Tesla Model Y L drive-away pricing by state (March 2026): https://www.ozbargain.com.au/node/951574
- ATO, Luxury car tax rate and thresholds: https://www.ato.gov.au/tax-rates-and-codes/luxury-car-tax-rate-and-thresholds
- ATO, Electric cars exemption: https://www.ato.gov.au/businesses-and-organisations/hiring-and-paying-your-workers/fringe-benefits-tax/types-of-fringe-benefits/fbt-on-cars-other-vehicles-parking-and-tolls/electric-cars-exemption
- ATO, TD 93/142 minimum residual values: https://www.ato.gov.au/law/view/document?DocID=TXD%2FTD93142%2FNAT%2FATO%2F00001
- OVO Energy, The EV Plan: https://pages.ovoenergy.com.au/the-ev-plan
- Image: Ethan Llamas, Wikimedia Commons, CC BY-SA 4.0: https://commons.wikimedia.org/wiki/File:Tesla_Model_Y_L_Premium_Long_Range_AWD_Cosmic_Silver.jpg
Last checked: 21 October 2026. General information only, not tax, financial, legal or credit advice. We don’t recommend any provider; where businesses are named, it’s for information. See our affiliate disclosure.