Electric cars are the clear future of the motoring industry. In fact, combustion engines are already beginning to be phased out. By 2035, new car buyers won't have the option to purchase a combustion engine as the European Union have reached an agreement to ban the sale of new combustion-engine vehicles.
Drivers in Australia have had a slow uptake of electric vehicles mainly due to the high upfront cost and limited charging infrastructure. This is quickly changing though following the federal government's introduction of the electric car discount making electric cars much more affordable.
Government incentives encouraging the adoption of electric cars have proven successful for other countries across the globe, mainly Norway where 80% of new cars sold are now EVs!
What is the Electric Car Discount?
The Electric Car Discount is a policy introduced by the Federal Government providing a fringe benefits tax (FBT) exemption for low and zero-emissions cars from 1 July 2022.
To be eligible for the exemption, cars must meet the following:
- Battery Electric Vehicles.
- Valued below the luxury car tax threshold for fuel efficient vehicles.
- First made available for use on or after 1 July 2022.
What Cars are Eligible?
There are many cars available for the electric car discount, discover the full list on the Remunerator EV Hub.
Information was current at the time of publishing and is general in nature. It does not constitute financial, tax or legal advice and does not take into account your objectives, financial situation or needs. Eligibility and savings vary. Consider seeking independent financial and tax advice.