Gridly
EV FBT Savings Calculator
Estimate your annual tax saving from the FBT exemption on an eligible electric vehicle under a novated lease.
Eligible BEVs under $91,661 drive-away are exempt from Fringe Benefits Tax - a saving of up to $8,600/year depending on vehicle price.
Your details
Used to calculate your marginal tax rate
Must be under $91,661 to qualify for FBT exemption
Your estimated savings
Annual FBT saving
$6,110
vs equivalent petrol car
Annual income tax saving
$4,659
from pre-tax lease payments
Total annual tax benefit
$10,769
Your marginal tax rate 32%
FBT that would apply (petrol car) $6,110
FBT on eligible EV $0 (exempt)
Estimated annual pre-tax lease payment $14,560
Total saving over lease term $53,846
How this works
- FBT saving = vehicle price × 20% (statutory rate) × 47% (FBT rate). For eligible EVs this is $0.
- Income tax saving = estimated annual pre-tax lease payment × your marginal income tax rate.
- Pre-tax lease payment estimated as vehicle price ÷ lease term × 1.12 (for interest and on-road costs).
- Eligible vehicles: BEVs and hydrogen fuel cell vehicles first held after 1 July 2022, drive-away price under $91,661 at first retail sale. PHEVs are NOT eligible from 1 April 2025.
- This is an estimate only. Get a novated lease quote from your employer's fleet provider for exact figures.
- The EV FBT exemption is being wound back: the full exemption runs until 31 March 2027, after which higher-priced EVs move to a 25% FBT discount. Leases signed while the full exemption applies are grandfathered for their term.