Latest news with #FringeBenefitsTax
Time Business News
5 days ago
- Automotive
- Time Business News
novated lease tesla drive your dream car today
A novated lease allows you to drive a Tesla while benefiting from significant tax savings in Australia. Lease payments and running costs, such as insurance and servicing, are bundled into one pre-tax salary deduction. Tesla novated leases qualify for the federal government's Fringe Benefits Tax (FBT) exemption for electric vehicles under the luxury car tax threshold. You can save up to $6,334 in GST on a new Tesla. Leaselab offers a streamlined process to help you lease your dream Tesla effortlessly. All running costs are consolidated, making budgeting simple and stress-free. Are you ready to try electric driving and get some smart tax benefits at the same time? A novated lease for a Tesla in Australia makes it easy. It mixes eco-friendly driving with perks for your budget. With a novated lease, you can drive a Tesla electric car that is modern, with new tech and smart design. The Tesla Model range is well-known for all these good things. Having a novated lease also helps make the running costs lower. You put all your car expenses together into one payment. This way, things get simple and easy to handle. There are many tax savings that come with a novated lease, too. So if you want to get behind the wheel of a Tesla Model in Australia and save money, this can help make your dream come true. Discover how a Tesla novated lease can work for you today. A novated lease makes it easy to own a car by putting your lease payments and running costs together. These are taken out of your salary before tax. In Australia, Tesla cars work well with this plan because the government helps out electric cars through FBT exemptions. With this lease, there is an agreement between you, your employer, and a leasing company like Leaselab. Getting a novated lease Tesla means you can pay less tax. You can also have more choices in how you set up your car, and you are allowed to buy from authorised dealerships. This is why novated leasing is such a good choice when you want to get a Tesla in Australia. A novated lease is an agreement between you, your employer, and a leasing company. With this setup, you lease a car, like a Tesla, and the payments come out of your pay before tax. This can lower what you pay in tax and save you money over time. If you pick a Tesla for your novated lease, you get a few good things. Tesla is a top electric car that offers great performance, smart design, and zero pollution. With a novated lease, you can mix the purchase price and running costs into one payment. This makes tracking money spent much easier. Also, in Australia, Tesla novated leases fit under the FBT exemption if your electric car costs less than the luxury car tax threshold. This brings down your costs, so your favorite Tesla model is more within reach. You get all the good parts of driving an electric car without the large upfront costs. Leasing your Tesla with Leaselab gives you real, practical, and money-saving benefits. You will find that their smooth process, plus strong industry knowledge, helps you get a Tesla novated lease with no stress. Tax savings : When you lease, your payments and running costs, such as insurance and maintenance, are taken from your pay before tax. This means your taxable income is lower, and you keep more of what you earn. : When you lease, your payments and running costs, such as insurance and maintenance, are taken from your pay before tax. This means your taxable income is lower, and you keep more of what you earn. GST benefits : You can save up to $6,334 in GST for your Tesla. Plus, you do not have to pay GST on the running costs. : You can save up to $6,334 in GST for your Tesla. Plus, you do not have to pay GST on the running costs. Predictable expenses : You get just one easy payment for all costs related to your vehicle, which makes your budget simple to follow. : You get just one easy payment for all costs related to your vehicle, which makes your budget simple to follow. Comprehensive inclusion: Leaselab includes maintenance, insurance, and servicing in the novated lease. This means there's no need to pay for these things separately. Leaselab puts you, the customer, first. With them, you get to lease a Tesla with no hidden fees or trouble. Leasing a Tesla with a novated lease can help you save a lot. You get tax cuts, special deals for electric cars, and lower running costs. All of this means you keep more of your money. The payments are steady and easy to plan, so it's more affordable for everyone. The federal government's FBT exemption and GST savings also make novated leases for electric vehicles like Tesla a great deal. With lower tax, bundled running costs, and these tax breaks, a novated lease for a Tesla using pre-tax dollars is a smart choice. If you want to get the most for your money and enjoy driving a Tesla, this option stands out. Choosing a Tesla novated lease gives you real tax benefits and helps lower the total lease cost in Australia. Because the government has made Fringe Benefits Tax (FBT) exemptions for electric and low-emission cars that cost less than the luxury car tax threshold, it's easier to save money. With this rule, you pay 0% FBT on your lease payments and running costs when they are taken from your pre-tax pay. You also do not need to pay GST on the purchase price of your Tesla, which saves even more. Here is an easy breakdown of the financial benefits: Tax Benefit Explanation GST Savings Get up to $6,334 off because you do not pay GST on your Tesla's purchase price. Luxury Car Tax (LCT) You only pay this tax if your Tesla costs more than the luxury car tax threshold. Pre-tax Deductions Your lease payments and running costs come out of your pay before tax, so you pay less income tax. All these perks make having a Tesla good for the planet and good for your wallet. Tesla novated leases are a good way to manage running costs. When you take a novated lease, many costs are already included in your lease deal. This gives you peace of mind. Most bills for your car are covered upfront. Insurance : You get full insurance to make sure your Tesla is safe. : You get full insurance to make sure your Tesla is safe. Maintenance : All regular servicing and care are part of your lease. : All regular servicing and care are part of your lease. Registration : The price to keep your car registered is already included. : The price to keep your car registered is already included. Tyres and repairs : If you need new tyres or repairs from normal use, they are covered. : If you need new tyres or repairs from normal use, they are covered. Energy costs for charging: You can plan for both at-home and public charging costs in advance. Because all these running costs are easy to handle, you will find it simple to use your Tesla, even for road trips. Leasing your car with Leaselab puts everything into one easy-to-manage payment so you can go about your day without stress. This way works well for your life and helps you get the most out of your Tesla novated lease. To sum up, a novated lease for your Tesla is a great way to save money and enjoy an eco-friendly car at the same time. If you learn how novated leasing works and use the tax benefits it gives, you get the most from your Tesla lease. This way, it is easy to handle all the running costs, and you do not have to stress about any hidden fees. With a Tesla novated lease, you can just enjoy driving your new car and the advantages it offers. We are here to help you with any questions about a novated lease, running costs, or anything else about a Tesla. Please contact us to find out more about how we can help you get the most out of your novated leasing journey. With a Tesla novated lease, you get savings in a few ways. The first is income-reducing pre-tax salary deductions. You also save because of government FBT exemptions and GST savings. You will see your running costs go down too. All this makes a novated lease a good way to drive a Tesla in Australia, with lower costs for you. Popular cars like the Tesla Model 3, Tesla Model Y, and Tesla Model X are ready for lease in Australia. You can make changes to the car you pick when you get a lease with Leaselab or an authorised dealership. To get started, contact Leaselab and ask about the Tesla models and options they have. After that, you send in your application to them. The next step is to work with the dealership to pick out your car. Then, you sign an agreement with your employer so they can take part of your pay before tax for this plan. Yes, all Tesla novated leases come with running costs like maintenance, insurance, tyres, and registration. These costs are all included in one payment. This means you do not have to worry about getting different bills or any surprise costs. Yes, you can do that. Leaselab lets you pick the features you want for your Tesla. You can choose the colour, the inside look, and add any extra upgrades you like. You only need to work with the dealership to set up your Tesla just the way you want it. Enjoy your customised car with no fuss. TIME BUSINESS NEWS
Herald Sun
10-07-2025
- Politics
- Herald Sun
Jacinta Allan trying to overturn sweeping power Dan Andrews gave to UFU
The Allan government is sensationally challenging sweeping powers over Victoria's fire services which were controversially handed to the United Firefighters Union by Daniel Andrews. In a stunning U-turn that is set to spark industrial war, the government wants to overturn the UFU's right to be consulted on virtually any change to the operations of Fire Rescue Victoria, from rostering and training to uniforms and equipment. A string of fire service chiefs resigned or were booted after warning in 2016 that the consultation rules – demanded by UFU boss Peter Marshall after his members helped Labor win the 2014 state election – amounted to an effective veto over CFA and MFB operations. Emergency services minister Jane Garrett also quit when Mr Andrews sidelined her and backed Mr Marshall's power grab, plunging the government into a political firestorm that also sparked a major corruption investigation. Nine years later, under Premier Jacinta Allan and Emergency Services Minister Vicki Ward, the government is now pushing back against the veto powers, requesting the Fair Work Commission exclude the consultation clauses from a new workplace agreement. And in a further flashpoint, the government is offering a 12 per cent pay rise to firefighters over the next four years, while the union wants a whopping 25.9 per cent increase backdated to 2022 on top of further raises over the life of a new agreement. The CFA board was sacked by Mr Andrews for opposing a similar industrial overhaul that was later enforced on the MFB and then FRV, which was created in 2018 by the former premier in a restructure that split paid and volunteer firefighters into separate agencies. The controversy also harmed Bill Shorten's bid to drag Labor to power in the 2016 federal election, with party insiders blaming the issue for their candidates falling short in crucial Victorian seats. Negotiations over the new deal have dragged on for three years, with the stalemate now before the industrial umpire as the first intractable bargaining case to be tested in Victoria. Ms Ward's submission, backed by FRV, has been made to the commission ahead of mediation talks on July 23. After the last agreement expired in 2022, the UFU sought even more power including a new registration board that would grant them full control over who could be a qualified firefighter in Victoria. Ms Ward is calling for the commission to reject the proposed registration board, and lock out the union from any decisions on fire district boundaries. She also wants the union to work with FRV on any future income insurance programs after the union's previous scheme left the taxpayer-funded fire service with a Fringe Benefits Tax bill of millions of dollars. Insiders familiar with the dispute said the minister's submission showed the Allan government had major concerns about the UFU's control over the fire services, and wanted to have the union to be 'brought back into line'. The move comes after Fire Services Implementation Monitor Niall Blair delivered a scathing verdict on the restructure and the consultation rules last year, warning the union exerted too much control over basic decision-making. 'The 'consult and agree' clause in FRV's enterprise agreement for operational staff, which previously applied to MFB staff, disables the ability of management to implement policies without reaching consensus with the Union,' Mr Blair said in his report. A Victorian Government spokesperson said on Thursday: 'The UFU were presented with an offer in 2023, which was rejected. We have accepted their decision to take it to intractable bargaining and we are respecting that process.' 'Nothing the government is doing in the FWC reduces firefighter numbers or their pay – in fact, the government's submission proposes a pay increase for firefighters.' Read related topics: Daniel Andrews
Canberra Times
25-06-2025
- Automotive
- Canberra Times
CarExpert Choice winner: Best Luxury EV
The base eDrive35 also slides under the Luxury Car Tax (LCT) threshold for fuel-efficient vehicles, making it exempt from Fringe Benefits Tax (FBT) if you buy one through a novated lease. It also has plenty of grunt, though you can step up to more powerful eDrive40 and hot M50 variants if you so desire.
Yahoo
12-06-2025
- Automotive
- Yahoo
$13,296 blow for EV drivers as major incentive could soon be scrapped: 'Would not buy'
Generous tax subsidies for electric vehicles (EVs) could soon be phased out as the federal government tries to rein in spending. EV drivers have been able to save thousands of dollars thanks to Fringe Benefits Tax (FBT) exemptions and other incentives. Sydney resident Tom Gao told Yahoo Finance these tax breaks were the main reason he jumped on the EV bandwagon when he bought his first Tesla. Productivity Commissioner chairwoman Danielle Wood has indicated it could be on the chopping block to make way for cheaper initiatives. 'We have a whole range of policies at both federal and state level to try and reduce carbon emissions,' she said on the ABC's 7.30 programme. Tesla driver backs $13,000 cash boost for EV drivers as popular rebate under fire ATO, Centrelink warning over $100 million Powerball lottery win Aussie teen's job paying $300 per hour without a uni degree 'Each of those has sort of an implicit cost per tonne of abatement. Some of those we've said in the past are pretty high, things like fringe benefit tax subsidies for EVs.' The tax break was introduced by Anthony Albanese in 2022 and was designed to boost the number of EVs on Aussie roads. That has definitely been achieved. According to the Australian Automobile Association, there were 6,752 battery-powered electric vehicles (BEVs) sold in the first quarter of 2022. Fast-forward to the first quarter of 2024, there were 25,552 sold. BEV sales have dropped off since then as plug-in hybrids became more popular due to being the best of both worlds between a battery and internal combustion engine (ICE).You can deduct the cost of an electric vehicle if: The EV was worth less than $91,387 The car was bought with a novated lease A novated lease allows an employee to buy a new or used car and have their employer cover the cost of lease repayments to an agreed financial supplier. The employer makes the repayments to the leasing company out of the employee's pre-tax salary in a salary sacrifice arrangement, which reduces the employee's taxable income. For example, if a worker secured a $68,000 EV through a novated lease through their company, they could save around $13,296 thanks to the exemption. As many as 100,000 people have taken up the tax break so far, according to the National Automotive Leasing and Salary Packaging Association. "I would not be buying an EV if FBT exemption is removed," Goa told Yahoo Finance, who feared there would be a "significant drop in EV purchases" if it was scrapped. "If you look at uptake of EVs in countries like Norway, it's completely driven by government incentives," the Sydney driver said. "That's the case across the world." The government ended the FBT exemption for plug-in hybrids at the end of March this year. The Productivity Commission is currently reviewing the tax break ahead of a government summit in August. It's set to release a report on its findings before that meeting in a few months. Treasury had forecast the FBT exemption policy would only cost taxpayers $55 million in the 2024-25 financial year. But figures from the Institute of Public Accountants found it cost closer to $560 million per year. The Commission estimated in 2023 that the policy cost between $987 to $20,084 per tonne of carbon abatement. This means the government is spending that much money for every tonne of carbon emissions it has helped prevent. That reportedly makes it the most expensive climate policy on the government's balance sheet by a long shot. For comparison, the next most expensive policy at a federal level is the discounted excise for E10 petrol, which is $128 to 274 per tonne of carbon abatement, according to the Australian Financial Review. While Gao has enjoyed the benefits of the policy, even he admitted it was an "outrageously" generous handout and bordered on being "extremely fair" for ICE drivers. While the FBT exemption for EV drivers might get scrapped, the Commission could suggest allocating the money towards broader emissions reductions strategies. This could include expanding the carbon emissions cap to additional sectors like road transport and electricity. During the 2025 election campaign, Peter Dutton said the Coalition would axe the exemption if his party won. The promise sparked major concerns in the EV community, with Electric Vehicle Council CEO Julie Delvecchio saying she was "extremely disappointed and confused". 'The electric car discount has been helping thousands of workers finally afford to buy an electric vehicle. When Australians make the switch to an EV, they stand to save up to $3,000 per year on fuel and maintenance costs, but the biggest roadblock is the upfront cost," she said. "The FBT exemption has been helping to lower that barrier. "The Australians who're set to lose out most are those in outer suburbs, who have embraced the electric car discount in droves. "People living in the outer suburbs and regional communities — who typically drive longer distances — are finally able to access the savings that EVs offer, thanks to this discount." She said the exemption had been "highly effective" at getting more EVs on the road and getting rid of it could "stall progress toward cleaner, cheaper-to-run transport".
West Australian
05-05-2025
- Automotive
- West Australian
VFACTS April 2025: Australian new vehicle deliveries drop
April was a disappointing month for new car sales, with drops across every state and territory and for private, business and government sales. A total of 90,614 new vehicles were delivered in April 2025, representing a drop of 6.8 per cent on the same month last year. Hybrids – after months of double-digit year-on-year growth – finally hit a wall. A total of 14,288 were delivered, down 6.0 per cent on April 2024's tally. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now . Plug-in hybrids (PHEVs) continued to record YoY growth with 2601 deliveries in April representing an upsurge of 95.4 per cent. However, the end of the Fringe Benefits Tax (FBT) exemption from April 1 likely explained why overall PHEV deliveries slumped from 6932 deliveries in March. Electric vehicle (EV) sales fell 3.0 per cent in April to 6010 deliveries, with an influx of affordable options – primarily from China – offset by a huge drop in Tesla deliveries. Complicating sales reporting is the lack of a unified platform for publishing vehicle deliveries. Tesla and Polestar ceased sharing their figures for the Federal Chamber of Automotive Industries' monthly VFACTS report midway through last year. They now report their figures to the Electric Vehicle Council, whose report is usually published one working day prior to the FCAI's. Of course, even when these brands did report to the FCAI, the overall delivery tallies weren't 100 per cent accurate. That's because Mahindra has never reported in VFACTS, and it's now been joined by – at least for now – brands such as Cadillac, Deepal, Smart and Xpeng. Toyota kept its vice grip on the top spot despite a 6.7 per cent decline compared with last April, with 19,380 deliveries. That was more than second- and third-place finishers Ford and Mazda combined. Toyota had a range of models that were down, including some of its hybrid-only vehicles like the Camry sedan (down 55 per cent YoY) and Corolla small car (down 20.8 per cent YoY). The Ford brand was down 15.2 per cent thanks to drops for the Ranger ute and the related Everest SUV, while Mazda was down 10.0 per cent in part due to lower sales of its most affordable models, the Mazda 2 light car and CX-3 light SUV. Compared to April 2024, almost every top 10 brand was down. Exceptions included Hyundai, which was up 7.0 per cent on the back of strong Venue, Kona and Santa Fe SUV sales, as well as Nissan which was up 27.0 per cent thanks to increases for the X-Trail mid-size SUV, Navara ute and Patrol upper-large SUV. Chinese brands generally had a good month, with seventh-placed GWM up 16.3 per cent despite drops for larger models like its Cannon ute and Tank 500 large SUV. BYD only just squeaked into the top 10, but with 3207 deliveries it was up 127.4 per cent YoY year thanks to new models like the Sealion 6 and Sealion 7 medium SUVs and the Shark 6 ute. Chery posted the biggest year-over-year increase at 290.9 per cent, putting it in 14th place. Polestar also recorded a significant jump with deliveries up 102 per cent. Meanwhile, the likes of Volvo, Skoda, KGM SsangYong and Peugeot all posted declines of more than 40 per cent year-over-year. Tesla had them beat, however, with an alarming 75.9 per cent YoY drop. The Toyota HiLux reclaimed the title of Australia's favourite new vehicle in April, posting 4121 deliveries – just 90 units ahead of the Ford Ranger. However, the Toyota is still behind the Ford in terms of year-to-date figures, sitting at 15,120 units against 17,257 for the Ranger. Ford did sell exactly one more Everest (2234) than Toyota did of its Prado (2233), though in the large SUV segment it's the Toyota substantially ahead in year-to-date deliveries (10,674 versus 7220). Toyota still had Australia's best-selling SUV with the mid-size RAV4, posting 3808 deliveries, and the best-selling passenger car with the Corolla, notching 1660 deliveries. There were some top-10 models from outside the Ford and Toyota brands, of course. The Kia Sportage took seventh with 1701 deliveries, with the Nissan X-Trail in ninth with 1615 and yet another medium SUV, the Mazda CX-5, in 10th with 1607. Includes Tesla and Polestar sales. Includes Tesla and Polestar sales. Excludes Tesla and Polestar sales. Excludes Tesla, Polestar and heavy commercial sales. Excludes heavy commercial sales. MORE: VFACTS March 2025: Ford Ranger back on top as market expands for the first time this year MORE: VFACTS February 2025: Petrol, diesel and EV sales drop as PHEVs, hybrids surge MORE: VFACTS January 2025: Slow start to slower year
