Novated Lease Savings on $70K — Family
Novated lease savings breakdown for a $70K salary for a family. See how your situation affects the numbers.
Family on $70K
For families, a novated lease can provide additional benefits beyond tax savings. Reducing your taxable income may increase your Family Tax Benefit Part A and Part B payments, and could help avoid the Medicare Levy Surcharge if you are near the family threshold.
If your family has a single income of $70K, the full tax saving applies to one salary. With dual income, the higher earner should take the novated lease for maximum bracket benefit.
Top 5 Cars to Novated Lease on $70K
| Rank | Car | Price | Fortnightly | Annual Saving | 5-Year Total |
|---|---|---|---|---|---|
| #1 | Kia EV6 | $67,990.00 | $648.00 | $6,627.54 | $33,137.71 |
| #2 | Tesla Model Y | $65,900.00 | $637.69 | $6,503.78 | $32,518.91 |
| #3 | Hyundai Ioniq 5 | $63,000.00 | $609.62 | $6,217.45 | $31,087.27 |
| #4 | Tesla Model 3 | $55,900.00 | $551.15 | $5,601.96 | $28,009.82 |
| #5 | Kia Niro EV | $55,490.00 | $538.38 | $5,488.27 | $27,441.35 |
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Frequently Asked Questions
How does a family affect novated lease savings on $70K?
Families on $70K may see additional benefits through reduced Family Tax Benefit taper and potential Medicare levy surcharge avoidance with reduced taxable income.
What are the best cars to novated lease on $70K?
EVs offer the best value due to FBT exemption. The BYD Dolphin, MG 4, and BYD Atto 3 are top picks for value, while the Tesla Model Y and Hyundai Ioniq 5 are best for those wanting premium features.
Is novated leasing worth it on $70K?
Generally yes. On $70K your marginal tax rate is 30% (plus 2% Medicare), so every dollar of pre-tax lease payment saves you 30% in tax.
Can I novated lease an EV and a petrol car?
You can novated lease any car, but EVs priced under $91,387 are FBT exempt, making them significantly cheaper to lease. A petrol car will have FBT added, reducing the saving.
What happens if I change jobs during a novated lease?
The lease transfers to your new employer. If your new employer does not offer novated leasing, you can continue making payments directly, though you lose the pre-tax benefit until you find an employer who does.
Want exact numbers for your situation?
Use our full novated lease calculator with your exact salary, car price, and lease term.
Open Novated Lease CalculatorEstimates based on 2025-26 Australian tax rates. Actual savings depend on your employer arrangement, residual value, and exact running costs. Car prices are drive-away estimates and may vary by dealer. This is general information only, not financial advice. Consult a financial adviser for personal guidance.