Australian Novated Lease FBT Exemption Breakdown (2026): BYD Sealion 7 vs Seal vs Shark 6 Real Take-Home Pay Numbers

[Archie_Carter]

With the Australian EV Fringe Benefits Tax (FBT) exemption continuing for battery electric vehicles under the $91,387 LCT threshold (note: PHEVs ended their FBT exemption cutoff on 1 April 2025 unless grandfathered), here is a side-by-side look at actual fortnightly take-home pay impact for a $120,000 gross salary on a 36-month novated lease (15,000 km/yr, self-managed quote):

1. BYD Seal Dynamic ($51,500 drive-away, 100% FBT Exempt)

• Net out-of-pocket impact on take-home pay: $248 / fortnight (includes rego, comprehensive insurance, tyres, servicing & charging allowance)
• Residual balloon at 36 months (46.88%): $22,950 (inc GST)

2. BYD Sealion 7 Design RWD (~$59,800 drive-away, 100% FBT Exempt)

• Net out-of-pocket impact: $289 / fortnight all-inclusive.

Pro tip: Always ask your novated provider for the bare finance rate (aim for 7.2%–8.1% effective) and source your own comprehensive insurance rather than taking their bundled $2,600/yr policy!

[Logan_Campbell]

Sourcing your own insurance and unbundling tyre replacement saved me nearly $4,200 over 3 years with Maxxia! You can still reimburse your own insurance receipt pre-tax through your novated lease account within 24 hours.

[Simon_Shark6]

@Logan_Campbell Exactly what I did with RemServ in QLD. Also, don't forget you can claim the home EV charging flat rate of 4.20 cents/km pre-tax through your novated provider just by submitting a photo of your odometer every quarter!