Labor’s EV tax break is actually already in effect. The Electric Car Discount came into effect at the start of the new financial year on July 1, 2022. The Discount is guaranteed to go ahead for three years when it will be reviewed, in view of EV uptake.
In the past, many businesses have been put off providing their staff with personal vehicles. This, no doubt, is thanks to the 47% fringe benefits tax – which, as you know, can be handballed to employees themselves and taken out of their salary. But that’s changing, big time, and it will now get a whole lot easier to negotiate an electric vehicle included in your work benefits.
The ALP is delivering electric vehicle discounts through two main ways: import tariff exemptions and fringe benefits tax (FBT) exemptions. Imported cars come with a 5% import tariff. But Labor has scrapped this tax for certain electric vehicles, making electric cars cheaper. Some popular models include the Nissan Leaf, MG’s ZS EV and the Hyundai Ioniq 5 which you can expect to save thousands on, thanks to the scrapping of import tariffs.
Labor has scrapped import tariffs for certain models of electric vehicles, making electric cars more affordable. If you want an electric vehicle as an employment benefit, your wishes are Labor’s command as they’ve scrapped FBT for electric vehicles and plug-in hybrids. You can expect to save thousands of dollars thanks to Labor’s electric car discount.
The Australian Labor Government is changing the rules on FBT completely. If you’re an employer that provides workers with an electric vehicle or plug-in hybrid, you won’t have to pay a cent in Fringe Benefits Tax on that vehicle – so long as it’s below the luxury car tax threshold.
In the past, novated leases have been popular for gas-guzzling utility vehicles like 4WDs, utes and twin-cabs. But with electric vehicles seeing a surge in availability, popularity and affordability, there’s absolutely no reason you can’t choose an electric vehicle when entering a novated lease.
Electric vehicles come with cheaper and more consistent running costs. Don’t be left thinking about harvesting one of your organs for extra cash while you’re watching the fuel gauge get higher and higher. Invest in an EV!
On a global level, switching to an electric vehicle is a great move. Electric vehicles currently produce far fewer emissions than combustion engine vehicles, with the goal that, soon, all EVs will be 100% zero-emission. This means a greener, healthier planet for all of us.
Hydrogen fuel cell tanks are classified as electrical vehicles, but they differ from regular electric vehicles in one way: their batteries don’t need to be charged up because they can produce electricity on their own. In fact, they have their very own little powerplant on board.
Eventually, the world will turn toward 100% zero-emission vehicles – a promise which many countries have already pledged to do. The UK, Italy and Canada, for example, have all agreed to ban internal combustion engine cars by 2035. Seems pretty close, right? With the majority of countries having also committed to entirely producing zero-emission vehicles within the next 20 years, it’s no doubt that Australia will also catch up.
Though hybrid cars can’t be distinguished by looks, and certainly can’t be distinguished by sound (because they’re near silent), there are different types of hybrid models that use different technology. In this post, we’ll go through four main types of hybrid EVs and discuss their differences.
Entering a novated lease on your vehicle of choice entitles you to claim fuel costs against your taxable income, saving you a heap of dosh come tax time. High fuel prices may be temporary, but driving a hybrid or EV could be a permanent solution, no matter how high the cost of petrol. You won’t have to buy into ridiculously high petrol prices when your car can run on electricity.
