Novated cars sit in a strange corner of fleet management: the employee chooses and drives the car, the employer carries the FBT accounting, and the FBT is usually offset by after-tax employee contributions.
For FBT the operating costs of a novated car are the lease charges plus running costs; deemed depreciation and interest do not apply because the employer does not own the car. Eligible electric vehicles under the luxury car tax fuel-efficient threshold have made novated EVs popular, since the FBT can be exempt entirely.
General information, not tax or legal advice.