The 2026 MG S6 Is Here — Does It Stack Up on a Novated Lease?
MG's new S6 mid-size EV SUV is gunning for Tesla, BYD and Zeekr under $60K. Here's what Australian PAYG employees need to know about leasing one.
MG has just launched the 2026 S6 — a mid-size electric SUV priced under $60,000 that the brand is pitching directly against Tesla, BYD, Zeekr and Geely. According to EVcentral's hands-on review [Source 1], it's slightly larger than the existing MG S5 and is staking its claim in one of the most competitive segments of the Australian EV market right now.
For PAYG employees thinking about a novated lease, a sub-$60K electric SUV is an interesting proposition. Not because the badge is exciting — but because the numbers can be. Under Australia's current FBT exemption for eligible battery electric vehicles, a car like the MG S6 could attract zero fringe benefits tax if it sits under the luxury car tax threshold, which means your pre-tax salary is doing more of the heavy lifting.
What this means for novated lease customers
The sub-$60K price point matters for two reasons. First, it keeps the MG S6 well under the FBT exemption's luxury car tax threshold (currently $91,387 for fuel-efficient vehicles in 2024–25). Second, it makes the vehicle accessible to a wider range of salary levels — you don't need to be on a six-figure income for the pre-tax benefits to move the dial.
The EV FBT exemption — legislated under the Treasury Laws Amendment (Electric Cars Discount) Act 2022 — means eligible employees pay no FBT on a novated lease for a qualifying battery electric vehicle. That translates to real after-tax savings on both the lease payments and any running costs packaged into the arrangement, including registration, insurance, servicing and charging costs. The potential savings are qualitative until you run your own numbers, but the structural advantage of an EV under a novated lease is meaningfully better than the same deal on a petrol car.
The MG S6 entering this segment also increases competition — which tends to keep drive-away pricing honest. More options under $60K means more leverage when you're negotiating the vehicle price, and the vehicle price is the starting point for every novated lease calculation.
Common questions
Is the 2026 MG S6 eligible for the EV FBT exemption?
Based on publicly available information, the MG S6 is a battery electric vehicle priced under the luxury car tax threshold, which are the two primary criteria for the FBT exemption. You should confirm the exact drive-away price and eligibility with your novated lease provider before signing anything.
How does the MG S6 compare to a Tesla Model Y or BYD Seal U on a novated lease?
All three are EV SUVs sitting in a similar price band, so the FBT treatment is likely comparable. The differences come down to residual value assumptions, the vehicle's servicing costs, and how those running costs interact with your packaged budget — not just the sticker price.
Do I need to be on a high salary for a novated lease on a car like this to make sense?
Not necessarily. The FBT exemption on EVs shifts the math compared to petrol vehicles, and sub-$60K pricing means lower repayments. Whether it makes sense depends on your marginal tax rate, how much you drive, and your total salary — a proper quote will show you the real numbers.
What running costs can I package alongside the MG S6?
Under a fully maintained novated lease, you can typically package registration, insurance, servicing, tyres, and charging costs (including home charging equipment in some cases) — all from pre-tax salary. Speak to a licensed novated lease provider for what's allowable in your specific arrangement.
Is millarX able to arrange a novated lease on an MG vehicle?
Yes. millarX is ACL-licensed (ACL 569484), AFCA-registered, and works across a wide range of vehicle makes and models including MG. Get in touch and we'll put together a no-obligation quote.