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BYD Seal novated lease

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BYD Seal savings with a novated lease

The fringe benefits tax (FBT) exemption on EV novated leases means there are massive savings available on a BYD Seal. You won’t just save on the cost of the vehicle itself – you’ll enjoy a considerable tax discount on virtually all of your running costs too.

You'll be eligible for a FBT exemption on a novated lease on all BYD Seal variants:

  • BYD Seal Dynamic
  • BYD Seal Premium
  • BYD Seal Performance

The table below gives an idea of the potential savings based on an example customer taking out novated lease on a BYD Seal Premium over a 5-year term.

BYD Seal (Premium Extended Range)

Regular driveaway price

$61,880

Upfront novated lease GST saving

-$5,345

Total fortnightly novated lease cost

$407

Runnings costs included in fortnightly payment (with GST saving)

  • Electricity: $23
  • Servicing & tyres: $18
  • Comprehensive insurance: $58
  • Registration & CTP: $35

Total tax saving during 5-year lease

$35,603

The calculation assumes a driver based in NSW with annual pre-tax salary of $90,000 and running costs based on 15,000km driven per year.

FBT exemption on your BYD Seal explained

Eligible EVs first registered in Australia after 1 July 2022 are exempt from fringe benefits tax if they are acquired through a novated lease. The BYD Seal is eligible for this exemption as all variants are priced comfortably below the cut off of $91,387 (the luxury car tax limit for FY 2024/25).

What this means is you can pay for 100% of your BYD Seal costs (including running costs) using your pre-tax salary, without any FBT applying.

This roughly doubles the potential tax savings on a BYD Seal novated lease, compared to a similarly priced vehicle that’s not eligible for the exemption.

Eligible running costs that can be included in your BYD Seal lease include:

  • Electricity
  • Servicing & tyres
  • Comprehensive insurance
  • Registration & CTP
BYD Seal Novated Lease
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How does a novated lease work on a BYD Seal?

Just like other forms of car finance, you make regular payments over a fixed term, with a residual (or balloon) payment due at the end of the lease. Each party to the agreement – employer, employee, and financier – will play a specific role.

The employer

Agrees to make regular, automated payroll deductions from the employee’s pre-tax salary. Our expert team helps set everything up.

The employee

Agrees to pre-tax salary deductions, in exchange for the use of the vehicle. The vehicle can be used for business or entirely for personal use.

The financier

Procures the vehicle, establishes the lease and manages the administrative, contractual and compliance aspects of the transaction.

How does a novated lease work
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To learn how much more you can save with a novated lease speak to one of our team today.

If you want to see what other perks are available for EV drivers in your part of the country, read our guide to EV incentives and rebates in Australia.

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