Novated lease
Tesla Model Y on a novated lease: balloon, payments and take-home pay
Short answer: every Tesla Model Y grade is priced under the A$91,661 threshold, so all qualify for the EV FBT exemption. The balloon (residual) is set by the ATO minimum: 28.13% of the price on a 5-year lease and 46.88% on a 3-year lease. For the Model Y Premium RWD at its A$58,900 list price, that's a balloon of about A$16,569 after 5 years, with lease payments of about A$969 a month before tax on our calculator's default assumptions. Drive-away prices are higher than list, so expect slightly higher figures in a real quote.
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 by variant and FBT status
| Variant | List price (before on-roads) | Under A$91,661 FBT threshold? |
|---|---|---|
| Model Y Premium RWD | A$58,900 | Yes |
| Model Y Premium Long Range AWD | A$68,900 | Yes |
| Model Y L Premium AWD (6 seats) | A$74,900 | Yes |
| Model Y Performance AWD | A$84,900 | Yes |
List prices are for the 2027 model year update, which cut the Performance from A$89,400 to A$84,900 (Cars24, 1 October 2026; Drive).
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 Victorian (3162) figure. Tesla's public Model Y page quotes A$91,415 drive-away for the Performance in NSW (as reported by AussieMotor, 20 October 2026). 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). Options can push a Performance close to the line, so check the final price. The Performance and Model Y L are also above A$75,000, the proposed cap for leases committed from 1 April 2027 (not yet law; see what happens after March 2027).
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 Victorian drive-away prices, the examples use the list price before on-road costs, so real payments will be a little higher. Providers also add fees and usually finance the GST-exclusive price.
Model Y Premium RWD, A$58,900
| Salary | Term | Lease payment (each month, before tax) | Take-home pay drop (each fortnight) | Balloon (residual) |
|---|---|---|---|---|
| A$80,000 | 3 years | A$1,165 | A$470 | A$27,612 |
| A$120,000 | 3 years | A$1,165 | A$470 | A$27,612 |
| A$180,000 | 3 years | A$1,165 | A$422 | A$27,612 |
| A$80,000 | 5 years | A$969 | A$409 | A$16,569 |
| A$120,000 | 5 years | A$969 | A$409 | A$16,569 |
| A$180,000 | 5 years | A$969 | A$367 | A$16,569 |
Model Y Premium Long Range AWD, A$68,900
| Salary | Term | Lease payment (each month, before tax) | Take-home pay drop (each fortnight) | Balloon (residual) |
|---|---|---|---|---|
| A$80,000 | 3 years | A$1,362 | A$532 | A$32,300 |
| A$120,000 | 3 years | A$1,362 | A$532 | A$32,300 |
| A$180,000 | 3 years | A$1,362 | A$477 | A$32,300 |
| A$80,000 | 5 years | A$1,133 | A$460 | A$19,382 |
| A$120,000 | 5 years | A$1,133 | A$460 | A$19,382 |
| A$180,000 | 5 years | A$1,133 | A$413 | A$19,382 |
Model Y Performance, A$84,900: about A$1,679 a month over 3 years (balloon A$39,801) or A$1,396 a month over 5 years (balloon A$23,882). Take-home pay drops by about A$543 a fortnight on 5 years at A$80,000 or A$120,000, and A$487 at A$180,000.
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 RWD, 5 years, A$120k · Model Y Long Range, 5 years, A$120k. Swap in your drive-away price from Tesla's configurator.
What happens to the balloon?
At the end of the lease you pay the balloon to keep the car, refinance it into a new lease, or sell or trade the car and use the proceeds to pay it. If the car sells for more than the balloon, you keep the difference; if less, you cover the gap.
Running costs
Home charging: Tesla-published energy use is 13.9 kWh/100 km (RWD), 15.9 (Long Range) and 16.2 (Performance) (CarSorted). On OVO Energy's EV Plan at 4.5c/kWh from midnight to 6am in Victoria (OVO), that's about A$0.63 per 100 km (RWD), A$0.72 (Long Range) or A$0.73 (Performance). 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
| Premium RWD | Premium Long Range AWD | Performance AWD | |
|---|---|---|---|
| Range (WLTP) | 466 km | 600 km | 580 km |
| DC charging (peak) | 175 kW | 250 kW | 250 kW |
| Battery | Not published by Tesla | Not published by Tesla | Not published by Tesla |
Sources: CarSorted (RWD range and charging), AussieMotor (Long Range and Performance, checked on Tesla Australia's site 20 October 2026). The six-seat Model Y L claims 681 km WLTP (Cars24); see our Model Y L novated lease page.
Model Y vs its nearest rivals
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 Premium RWD | A$58,900 (list) | A$969 | A$409 |
| BYD Sealion 7 Premium | A$59,496 (drive-away, VIC 3162, BYD) | A$979 | A$412 |
| Skoda Enyaq Select 60 | A$55,990 (drive-away) | A$921 | A$394 |
| Kia EV5 Air Long Range | A$59,990 (drive-away) | A$987 | A$414 |
Skoda and Kia prices are from EV Price Tracker Australia (data updated October 2026), which doesn't state the state used; the Sealion 7 price is from BYD's configurator for postcode 3162. The Model Y figure is list price before on-roads, so its real drive-away gap to these rivals is larger than shown.
Deals
We only list deals we've verified, and we found no current Model Y offer we could confirm on Tesla's site. See our Deals page for current verified offers.
FAQ
What is the balloon payment on a Tesla Model Y novated lease?
The ATO minimum residual is 28.13% of the price for a 5-year lease and 46.88% for 3 years. For a Model Y Premium RWD at A$58,900, that's about A$16,569 (5 years) or A$27,612 (3 years). It's higher if you finance the drive-away price.
How much is a Tesla Model Y on a novated lease per month?
On our calculator's defaults (8% interest, A$4,000 a year running costs), the RWD is about A$969 a month before tax over 5 years, and the Long Range about A$1,133. Take-home pay drops by about A$409 and A$460 a fortnight on a A$120,000 salary.
Is the Tesla Model Y FBT-exempt?
Yes. Every grade, including the A$84,900 Performance, is priced below the 2026–27 luxury car tax threshold for fuel-efficient vehicles of A$91,661. Check that options don't take your car over it.
How much does it cost to charge a Model Y at home?
About A$0.63 per 100 km for the RWD on a 4.5c/kWh overnight EV plan in Victoria, based on 13.9 kWh/100 km. Supply charges are extra.
Sources
- 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
- Tesla Australia, Model Y configurator: https://www.tesla.com/en_au/modely/design
- Cars24, 2027 Model Y Performance price cut: https://www.cars24.com.au/car-news/2027-tesla-model-y-performance-orders-open-4500-cut/
- Drive, Tesla Model Y prices: https://www.drive.com.au/showrooms/tesla/model-y/
- AussieMotor, Tesla Model Y price Australia 2026: https://aussiemotor.com.au/blog/tesla-model-y-price-australia-2026
- CarSorted, Tesla Model Y review: https://www.carsorted.ai/blog/reviews/tesla-model-y-review-australia
- OVO Energy, The EV Plan: https://pages.ovoenergy.com.au/the-ev-plan
- EV Price Tracker Australia: https://evpricetracker.au/
- Image: Damian B Oh, Wikimedia Commons, CC BY-SA 4.0: https://commons.wikimedia.org/wiki/File:Tesla_Model_Y_Dual_Motor_First_Edition_Juniper_Quicksilver_(1).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.