Novated leasing opens to 67 per cent of Australia’s workforce

Oly and Hyundai are helping to make it possible for millions of Australians to take advantage of the government’s EV Discount, potentially saving thousands of dollars on a new eligible electric car. Oly is changing the game of the novated leasing process by creating an industry-leading technology platform, enabling an integrated and streamlined digital experience that allows employees of small and medium businesses to access and manage the benefits of a novated lease.  

Typically, only employees of large corporations and governments could benefit from the Australian Government’s money-saving electric vehicle EV Discount when getting into a vehicle with a novated lease. The prohibitively complex administration meant the scheme was not accessible to the 67 per cent of Australians who work for a small-to-medium business. 

However, as this industry-leading partnership between Hyundai and Australian novated leasing provider Oly has opened the doors to the millions of Australians employed by a small-to-medium business, meaning it’s possible to upgrade to a $60,000, brand-new electric car for about the same weekly cost as a $39,000 petrol car, on a five-year novated lease.  

“Oly opens the doors to novated leasing and the possible tax savings to a huge new group of Australians,” said Sean Tyniec, Head of Oly. “For the 67 per cent of Australians employed by a small-to-medium business (SMB), a novated lease hasn't been accessible until now. Customers can walk into a Hyundai dealership and drive out with a novated lease that could save them tens of thousands over the life of the lease.” 

A novated lease can package your new car’s costs – from the lease payments to the registration, insurance, fuel and servicing – and allows an employee to pay part of it with their pre-tax salary, potentially lowering their taxable income. 

EVs take this to another level thanks to a generous incentive from the Australian government which exempts EVs, up to the value of $91,387, from fringe benefits tax (FBT). This means payments can be made 100 per cent before tax salary for eligible electric cars.   

We explain more about FBT and electric vehicles in detail here, but it’s almost a government rebate for electric cars. 

If you work for a small-to-medium business and are eager to salary sacrifice an electric car in Australia, visit your local Hyundai dealer when you enquire about an electric vehicle, and tell them you’d like to get an Oly novated lease. 

Hyundai and Oly will manage the rest, including contacting your employer about how much to take from your pay. “By partnering with Hyundai and offering this benefit directly through dealerships, Oly offers a simple, straightforward process to customers,” said Tyniec. 

Drive recommends consulting a trusted accounting professional to discuss your specific financial circumstances prior to taking out a novated lease.

Hyundai is one of the leading EV brands not just in Australia, but the world. 

In the urban wilderness or wherever you live, you may have spotted a new Hyundai Ioniq 5, the electric hatch that brings boxy back with its unique pixel design language – like it’s just driven out of the future. 

Or maybe the Hyundai Ioniq 6, the aerodynamic sedan with the wind-honed profile that makes a Tesla Model 3 look comparatively plain. 

With its concept car styling, the more compact, electric Hyundai Kona SUV may have also caught your eye. 

The Ioniq 6 was the 2023 World Car of the Year and the Ioniq 5, 2022 World Car of the Year before that. The petrol Kona range was voted Drive’s own Best Small SUV Under $50K for 2024. 

On a novated lease, you could be driving a $69,493, brand-new, fully electric Hyundai Ioniq 6 for the same weekly price as a $38,990, brand-new, petrol Mazda CX-5. That’s for an individual earning $90,000, travelling 15,000km and leasing over five years. 

If you take out a novated lease on an electric Hyundai between now and December 31 – enjoying the electric car tax deduction in Australia – Hyundai will include a free four-year, 60,000km service plan. That’s $1190 in the case of the Ioniq 6. 

Hyundai will also include an Autel Maxicharger home recharging wallbox worth $1480. This is a 22kW three-phase unit, currently the fastest Type 2 charger on the market. As EVs get higher tech, you’ll have future-proofed your home – and potentially added to its value. (Note that this excludes installation.) 

New Hyundai novated EV leaseholders can opt for a $1500 Evie network charging voucher instead of the wallbox charger. Evie is one of the larger charging networks in Australia with 240 sites, all powered by 100 per cent renewable energy. 

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