To qualify for the fringe benefits tax (FBT) exemption on a novated lease for a Polestar, several key conditions must be met:

• The vehicle must be fully electric, a plug-in hybrid, or powered by a hydrogen fuel cell.
• It should be a passenger vehicle with a capacity of less than one tonne and seating for fewer than nine passengers.
• The vehicle must have been acquired and put into use after July 1, 2022.
• The vehicle’s value must fall below the luxury car tax (LCT) threshold, set at $91,387 for the 2024/25 financial year.
• Meeting these criteria ensures eligibility for the FBT exemption, making the transition to a more sustainable drive even more financially advantageous.

Meeting these criteria ensures eligibility for the FBT exemption, making the transition to a more sustainable drive even more financially advantageous. Contact the team at Leaselab if you have any more questions.

At Leaselab, we’ll help you navigate the road to savings with a Polestar novated lease. This option delivers a suite of financial benefits, starting with payments deducted from your pre-tax income, potentially lowering your taxable income. Plus, enjoy GST savings on your Polestar's purchase price and running costs, including insurance, tyres, maintenance, and charging.

The Polestar also qualifies for the federal government’s fringe benefits tax (FBT) exemption, provided it’s under the luxury car tax threshold. This means you can drive in style while enjoying significant savings compared to traditional financing methods.

Good news – there’s no set minimum salary requirement for a Polestar novated lease. Approval hinges on your overall financial health, including income, living expenses, and dependents, to ensure you can comfortably manage the lease payments. For a detailed evaluation and to explore your options, contact Leaselab today.