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.
