The Australian government has made owning an electric vehicle (EV) a lot more affordable for families through their Electric Car Discount policy. It removes the Fringe Benefits Tax (FBT) on EVs below $84,916 and reduces the import tariff for cars up to $50,000.
Getting an EV novated lease through a novated lease is the best way to access these savings. In addition, the payments and running costs are deducted from your pay before tax by your employer – hassle-free.
Save thousands on your taxes.
Novated leases are an excellent way to save money on taxes and get behind the wheel of a new EV. This option allows you to pay for the car’s finance repayments and to run costs from your pre-tax salary, reducing your taxable income and leaving you with more in your pocket.
With the government’s Electric Car Discount Bill removing the fringe benefits tax (FBT) on all eligible low-emission cars below $84,916 plus a five per cent import tariff, EV novated leases can be significantly cheaper than comparable petrol vehicles.
The FBT exemption is essential in making EVs more affordable to Australians. It means more people can enjoy the tax savings of an EV novated lease, saving them thousands on their vehicle costs.
Buying an EV is also better for the environment, with electric vehicles using fewer fuels and emitting less greenhouse gas than their petrol counterparts. In addition, EVs are generally cheaper to run and maintain.
Get a brand-new EV
When you’re looking to get a brand-new EV, a novated lease is a great way to get the car of your dreams without breaking the bank. Besides the tax savings, an EV novated lease can include regular expenses like registration, insurance, servicing and tyres in one easy monthly payment.
In addition, if you’re looking to buy an electric vehicle through your employer, many incentives and rebates are available to help you save even more money. These range from state and local governments to utilities, so shopping around and seeing what’s available for your area is essential.
Now that the Labor Government has introduced a bill into parliament to remove the Fringe Benefits Tax (FBT) on electric cars, the savings from novated leasing can be even more significant. By reducing the cost of buying an electric vehicle, this bill could be a critical factor in helping Australia achieve its emission reduction targets.
Get the best price on your new EV
Electric vehicles are an excellent option for the environmentally conscious driver. They’re cheaper to charge, require less servicing, and produce far fewer emissions than their petrol or diesel counterparts.
Depending on your driving habits, petrol prices and electricity rates, you may save a small fortune over time. However, these savings vary widely from area to area.
To get the best price on your new EV, you can check out various EV novated lease offers from dealers nationwide. These offers are often priced below market rates and may be more competitive than a cash purchase.
The Australian government’s EV Discount Bill removes fringe benefits tax (FBT) on eligible EVs below the luxury car tax threshold ($84,916) and reduces the 5% import tariff. These FBT-free EVs are a huge saving for employers and employees alike.
Get the best service on your new EV
EVs have fewer moving parts than regular petrol vehicles, so they don’t need servicing as often. But much of the required maintenance remains – such as checking tyres, brake fluid changes and suspension checks.
You’ll also need to keep track of your coolant levels in the EV’s thermal management system and your windshield wiper and brake fluid. Again, check your owner’s manual to determine the recommended schedule for these fluids.
Batteries don’t like extreme temperatures and can suffer when parked for too long in hot or cold weather. Please don’t leave your EV in the sun or charge it too often to prevent this.