EV Novated Lease Information
If you have a Novated Lease on an Electric Vehicle with Paywise, here’s some information to help you get the most out of your lease.
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Claiming Reimbursements
When you pay directly for any vehicle running costs like registration, insurance, repairs or car washes, you can claim reimbursement through our Mobile App.
You can expect reimbursement within two business days if you have a sufficient budget surplus.
We can pay for your registration directly if you upload in the app and select BPAY or alternatively you can email the paperwork to cars@paywise.com.au at least 10 days prior to the payment due date.
Charging Costs
You can claim charging costs for your electric vehicle through your novated lease account. There are four ways you can claim EV charging costs and the way you choose to claim these costs has to be consistent across the FBT year (1 April – 31 March):
Option 1: Using the Chargefox network
The simplest way to cover your charging costs is by using Chargefox – Australia’s EV charging platform. Simply use the Chargefox App to find, use and pay for charging near you, on Chargefox’s extensive network. When you’ve finished, the charging costs will be applied to your Paywise account. Simple!
Request invitation to join Chargefox
Option 2: Use your electricity meter, energy bill & public charging
If you have an app or electricity meter that tracks how much power you’ve used, you can use this information along with your electricity bill to support your reimbursement claim. When submitting your claim, be sure to attach both your electricity usage records and your electricity bill.
You can also include any costs incurred at public charging stations in your claim when using this method, ensuring you provide receipts.
Option 3: Use the ATO’s EV charging rate
The ATO approved rate is 4.2 cents per kilometre. To calculate how much you can claim, determine the number of kilometres you’ve driven and multiply by 0.042. Ensure you take a photo of your odometer reading at the start and end of the period as evidence to attach to your claim submission via the Paywise App or Member Portal.
When using this method, you are not able to claim public charging.
Example using ATO’s EV charging rate:
If your last claim was submitted at 2,000km and you have now driven 3,500km, subtract 2,000 from 3,500 to get a distance travelled of 1,500km. Then multiply this by 0.042 to get a claim value of $63.00.If it’s your first claim for a brand new EV, the initial reading should be shown on your tax invoice.
Note that this option is not available for Plugin-Hybrid Electric Vehicles (PHEVs)
Option 4: Combined – Public Charging (Chargefox or Reimbursment) & ATO EV Charging Rate
This approach allows you to claim a combination of public charging costs and the ATO-approved rate of 4.2 cents per kilometre for home charging. Members can claim reimbursement for public charging costs automatically via the Paywise Chargefox account or by providing receipts, and by calculating the proportion of charging done at home using data from their EV or charging app. The ATO rate of 0.042 is then applied to the home charging percentage of the total kilometres travelled.
Example using a combination of Public Charging and ATO’s EV charging rate:
If your total charging is 1,500 kWh and you charged the car at home for 900 kWh (60%), and you’ve travelled 10,000 km during the year, the home charging distance would be 6,000 km. Using the ATO rate, your claimable amount would be $252 (6,000 km x 0.042) for charging conducted at home. Evidence of how the vehicle was charged during the period you are claiming for is required and is typically available from the vehicle manufacturer Mobile App.
Please note that once you select a method, you must consistently use it for the entire FBT year (1 April – 31 March)
Budget
You can see your total budget amount and total spent amount and a breakdown of these amounts in the Paywise App and Member Portal.
We may refer to ‘spendable balance’ which is your overall balance minus the monthly finance payment and insurance premium (where applicable). If your spendable balance is low, you may require an adjustment to be made to your budget.
Insurance
Where you’ve opted for Paywise to arrange your insurance, your coverage is with Adica, part of a world top 10 ranking insurance and financial services group. For a full outline of product features, please refer to the Product Disclosure Statement (PDS) or to make a claim visit paywise.com.au/insurance.
If you have arranged your own insurance, please ensure you submit the policy and proof of payment through for reimbursement.
Maintenance
You are responsible for ensuring your vehicle is serviced at the intervals recommended or required by the manufacturer.
When you pay for your servicing please keep a copy of the tax invoice so you are able to submit your claim for reimbursement.
FAQs:
You are able to claim for charging costs for your PHEV through your novated lease account.
When charging at home, If you have an app or meter showing how much electricity has been used, you are able provide that as substantiation along with your electricity bill to determine the cost to reimburse. Ensure your power usage evidence and your electricity bill are attached to your claim submission.
You are also able to claim your public charging costs by submitting an online claim with Paywise.
Your salary deductions do not commence immediately upon settlement of your lease. Therefore, to avoid any FBT liability and to ensure required funds are collected to cover all obligations of the lease, adjustments may be made to your salary deductions within the first FBT Year (1 April – 31 March) of your lease. The amount of these adjustments (or ‘catch up payments’) will vary depending on the time lag between settlement and your first salary deduction, the number of pay periods remaining in the current FBT Year and the amount of each lease payment. Speak to your leasing consultant for more information.
If you are travelling more than initially anticipated, it is likely that your fuel costs will be higher than budgeted. It can also increase your servicing and tyres costs. In order to allow for additional expenditure, a budget adjustment will need to be made by increasing the deductions that are made from your salary. To request an adjustment to your budget please complete this form.
Two options exist for such payments:
1. Pay the amount yourself and lodge a reimbursement claim: Use the ‘Claims’ option via the Paywise App or Member Portal and choose to have the funds deposited to your reimbursement bank account.
2. Make the payment directly from your Paywise account: Use the ‘Claims’ option via the Paywise App or Member Portal and choose BPAY.
Servicing and tyres can be paid for and claimed as above. Alternatively, you may also be able to pay for such costs using your Paywise Fuel Card, however please note the default transaction limit of $800 that applies to Paywise Fuel cards. To increase your limit please contact us.
All payments are dependent on sufficient funds being available in your novated lease account and it is highly recommended that you check your balance at the time of submitting your payment request. If insufficient funds are available, this may delay your payment being processed.