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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) |
|
Total tax saving during 5-year lease | $35,603 |
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 $89,332 (the luxury car tax limit for FY 2023/24).
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
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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.
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Get the best novated lease deal on a BYD Seal
Find my best dealOther popular EVs you can novate (with $0 FBT)
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.
Get the best BYD deal with a novated lease
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