Hyundai Kona EV Novated Lease on a $120K Salary
How much does it cost to novated lease a Hyundai Kona EV on a $120K salary? Here is the full breakdown including tax savings, GST benefit, running costs, and FBT status for 2025-26.
Quick Answer
- Total 5-Year Saving
- $27,194.55
- Fortnightly Deduction
- $534.62
- Annual Tax Saving
- $4,448.00
- FBT Status
- Exempt
- Tax Bracket
- 30%
- GST Saving/yr
- $990.91
Novated Lease vs Buying vs Car Loan
| Novated Lease | Buying Outright | Car Loan (7%) | |
|---|---|---|---|
| Annual Cost | $13,900.00 | $13,900.00 | $14,663.00 |
| Tax Saving | $4,448.00/yr | $0 | $0 |
| GST Saving | $990.91/yr | $0 | $0 |
| FBT Cost | $0 (exempt) | N/A | N/A |
| Net Annual Benefit | $5,438.91 | $0 | $0 |
| 5-Year Net Saving | $27,194.55 | $0 | $0 |
Tax Bracket Impact
On $120K, your marginal tax rate is 30% (plus 2% Medicare levy). Every dollar paid pre-tax through the novated lease saves you 30% in tax. The novated lease reduces your taxable income by $13,900.00 per year.
| Without Lease | With Lease | Difference | |
|---|---|---|---|
| Taxable Income | $120,000.00 | $106,100.00 | $13,900.00 |
| Total Tax + Medicare | $29,188.00 | $24,740.00 | $4,448.00 |
Running Costs Included
| Cost | Annual Amount |
|---|---|
| Charging | $650.00 |
| Insurance | $1,500.00 |
| Registration | $350.00 |
| Servicing | $500.00 |
| Total Running Costs | $3,000.00 |
3-Year vs 5-Year Lease Comparison
| 3-Year Lease | 5-Year Lease | |
|---|---|---|
| Annual Lease Payment | $21,166.67 | $13,900.00 |
| Fortnightly Deduction | $814.10 | $534.62 |
| Annual Tax Saving | $6,773.33 | $4,448.00 |
| Annual GST Saving | $1,651.52 | $990.91 |
| Total Saving Over Term | $25,274.55 | $27,194.55 |
A 3-year lease has higher fortnightly payments but delivers greater annual tax savings. A 5-year lease is easier on cash flow with lower deductions each pay cycle.
Related Pages
Frequently Asked Questions
How much do I save novated leasing a Hyundai Kona EV on $120K?
You save approximately $27,194.55 over a 5-year novated lease. That breaks down to $5,438.91 per year in combined tax and GST savings.
What is the fortnightly cost of a Hyundai Kona EV novated lease?
The fortnightly pre-tax deduction is approximately $534.62 on a $120K salary. This covers the car, insurance, rego, servicing, and charging.
Is the Hyundai Kona EV FBT exempt?
Yes. The Hyundai Kona EV is a battery electric vehicle under the $91,387 luxury car tax threshold, so it qualifies for the full FBT exemption on novated leases.
What running costs are included in a Hyundai Kona EV novated lease?
A novated lease bundles charging ($650.00/yr), insurance ($1,500.00/yr), registration ($350.00/yr), and servicing ($500.00/yr) — all paid pre-tax.
Should I choose a 3-year or 5-year novated lease for the Hyundai Kona EV?
A 5-year lease gives lower fortnightly payments ($534.62) but a 3-year lease saves you more per year in tax because the annual deduction is larger. The best choice depends on your cash flow needs.
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.