Will Labor’s EV Tax Break Be Extended To Other Forms Of Electric-Powered Transport?

While there’s every possibility that Labor could go ahead and extend their FBT and import tariff exemptions to other forms of electric-powered vehicles, like buses and bikes, we’ve got to take things one step at a time.
While it seems logical and practical to implement tax exemptions for electric motorbikes, scooters, trucks and so on, we don’t know what Labor has in stock for us on that front.

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When Will Labor’s EV Tax Break Come Into Effect?

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.

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What The ALP’s EV Tax Break Means For The Average Aussie

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.

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Everything You Need To Know About Labor’s Electric Car Discount

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.

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How Much Can You Expect To Save With Labor’s Electric Car Discount?

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.

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Australian Labor Government Plans to Exempt Electric Cars from FBT

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.

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