2026 Skoda Peaq: Big EV SUV Worth a Novated Lease?
The 2026 Skoda Peaq 7-seat electric SUV is coming. Here's what Australian salary earners need to know about novated leasing it FBT-free. Read on.
Skoda is about to reveal its largest electric SUV yet — the 2026 Peaq — on June 23, 2026. According to EVcentral AU [Source 1], it's a three-row, seven-seat SUV targeting the Kia EV9, Hyundai IONIQ 9 and Volvo EX90. That puts it squarely in the segment of large family EVs that have been selling steadily in Australia, partly because they qualify for the FBT exemption on novated leases.
We don't have Australian pricing or a confirmed on-sale date yet. What we do know is the vehicle class it's entering — and that class has a strong track record with the ATO's current EV FBT exemption rules.
What this means for novated lease customers
The FBT exemption for eligible battery electric vehicles — legislated under the Fringe Benefits Tax Assessment Act 1986 and confirmed through ATO guidance [Source 1 cross-references current policy] — removes FBT from the private use of qualifying zero-emission cars provided through a novated lease. That's the single biggest lever for savings in this segment.
If the Peaq lands in Australia at a price below the luxury car tax threshold (currently $91,387 for fuel-efficient vehicles for 2024-25), it will almost certainly qualify. Seven-seat EVs that do qualify — like the EV9 — have become popular novated lease choices for families precisely because the pre-tax treatment of running costs stacks on top of the FBT exemption. The Peaq, if priced competitively, could sit in a similar sweet spot.
That said, until Skoda Australia confirms local pricing and a delivery timeline, it's too early to run numbers. What you can do now is understand the framework so you're ready to move when the details land.
Common questions
Will the 2026 Skoda Peaq qualify for the EV FBT exemption in Australia?
Almost certainly, if it meets the zero-emission vehicle definition under the FBT Act and is priced below the luxury car tax threshold. We won't know for certain until Skoda Australia releases official pricing. Check back after the June 23 reveal.
How does a novated lease on a large EV like this actually work?
Your employer deducts lease payments and running costs from your pre-tax salary. On a qualifying EV, FBT is waived entirely, which means a meaningful slice of the vehicle's total cost is funded from income that would otherwise be taxed. The higher your marginal rate, the bigger the effect.
How does the Peaq compare to the Kia EV9 for novated leasing purposes?
We can't compare them properly until Skoda releases Australian pricing. The structure of a novated lease would be identical — what changes is the vehicle's driveaway cost, residual value assumptions and running costs, all of which affect the final out-of-pocket number.
Can I lock in a novated lease before the car is available?
Yes — many customers arrange novated lease pre-approvals before a vehicle arrives. The lease documentation is typically executed at or close to delivery. Getting your paperwork sorted early means you're not scrambling when stock arrives.
Does millarX handle Skoda EVs?
Yes. millarX arranges novated leases across all makes and models of qualifying EVs sold in Australia through franchised dealers. We're ACL-licensed and AFCA-registered, and we hold your funds in segregated accounts.