2026 Skoda Peaq: A Large EV SUV Worth Watching for Novated Leasing
The 2026 Skoda Peaq 7-seat electric SUV is set to rival the Kia EV9 and Hyundai IONIQ 9. Here's what PAYG employees should know about novated leasing it.
A new contender is entering the large electric SUV segment. The all-electric 2026 Skoda Peaq — a three-row, seven-seat SUV — has been teased ahead of its official reveal on 23 June 2026, according to EV Central. Positioned directly against the Kia EV9, Hyundai IONIQ 9, and Volvo EX90, the Peaq is shaping up to be one of the more competitively priced entries in a segment that, until recently, had very few options for Australian families.
Skoda is a Volkswagen Group brand, which means the Peaq is expected to share platform DNA with the VW ID. Buzz and Audi Q8 e-tron family — typically a good sign for build quality and software maturity. Pricing hasn't been confirmed for Australia, but Skoda has historically undercut its VW Group siblings by a meaningful margin.
What this means for novated lease customers
Here's the part that matters if you're a PAYG employee considering a novated lease: any battery electric vehicle (BEV) delivered after 1 July 2022 and priced under the luxury car tax threshold is currently exempt from fringe benefits tax (FBT) under the Treasury Laws Amendment (Electric Car Discount) Act 2022. That exemption applies to novated leases, which means your lease payments come out of pre-tax salary — potentially reducing your taxable income and the GST you'd otherwise pay on the vehicle.
The Peaq, if priced under the LCT threshold (currently $91,387 for fuel-efficient vehicles in 2024–25), would qualify. That puts it in the same conversation as the Kia EV9 base variants and the IONIQ 9 — both of which sit close to or under that threshold depending on variant. A seven-seat family EV that qualifies for the FBT exemption is still a relatively short list in Australia, so the Peaq's arrival matters.
That said, the FBT exemption policy is subject to review — the government has flagged it won't last forever. If you're weighing up a large EV, it's worth acting with some urgency rather than waiting indefinitely for the "perfect" model.
Common questions
Will the 2026 Skoda Peaq qualify for the FBT exemption on a novated lease?
If the Peaq is classified as a battery electric vehicle and its drive-away price falls under the luxury car tax threshold for fuel-efficient vehicles, it should qualify. Final Australian pricing hasn't been confirmed yet — we'll update this page once it is.
How does the Skoda Peaq compare to the Kia EV9 for novated leasing?
Both are large seven-seat BEVs likely to fall within FBT-exempt territory, so the novated lease tax treatment should be similar. The main differences will come down to residual values, finance rates, and your employer's approved vehicle list — not the tax structure.
When can I actually order a Skoda Peaq in Australia?
The global reveal is scheduled for 23 June 2026. Australian order books and delivery timelines haven't been announced. Watch this space — we'll update when local details drop.
Is a novated lease always better than buying outright for an EV?
Not always — it depends on your income, how much you drive, and your employer's arrangement. The FBT exemption makes the maths more attractive than it is for petrol vehicles, but you should model your specific numbers. Our team can run a no-obligation comparison.
What happens to my novated lease if the FBT exemption is removed?
Your existing lease terms are locked in at signing, but FBT liability can change if legislation changes mid-lease. It's a real risk worth discussing before you sign — not a reason to avoid EVs, but something to factor into your decision.