WebAug 23, 2024 · New electric vehicles under the luxury car limit are exempt from fringe benefits tax. This means an electric vehicle under $84,916 can be salary packaged for a substantial tax benefit. When the Bill becomes law, the FBT exemption will apply retrospectively from 1 July 2024 to eligible electric cars that are first held and used on or … WebAug 4, 2024 · By Michael Doran. August 4, 2024. On the 29th of June 2024, the Government announced a proposal to provide an exemption for fringe benefits tax (FBT) on electric cars from 1 July 2024. On the 27th of July 2024, Treasury Laws Amendment (Electric Car Discount) Bill 2024 (‘the Bill’) was introduced to Federal Parliament …
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WebOct 25, 2024 · In a bid to help increase the uptake of electric vehicles (EVs), the Federal Government has announced a $345 million Electric Vehicle Discount in tonight’s Budget. As part of the Government’s Electric Vehicle Strategy , it plans to remove the Fringe Benefits (FBT) from eligible vehicles and scrap the current 5 per cent import tariff, with ... WebYour employee's limited private use of a ute, van or other eligible vehicle may be exempt from FBT. Electric cars exemption. From 1 July 2024 employers do not pay FBT on eligible electric cars and associated car expenses. Car parking and FBT. FBT on car parking, exemptions for small businesses and disabilities, how to calculate taxable value. federated church alturas
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WebJul 6, 2024 · With last week's proposed FBT exemption, that price gap drops to a bit over $20,000. (That's assuming the business continues to pay FBT on its combustion-engine work vehicles, which isn't always ... WebElectric Vehicles and FBT . On 25 November 2024, the Australian Government passed the Treasury Laws Amendment (Electric Car Discount) Bill 2024, which provides a fringe benefits tax (FBT) exemption for low and zero-emission cars from 1 July 2024. The exemption will only apply to the following cars: WebMay 25, 2024 · EV FBT Exemption. melliott1 (Newbie) 25 May 2024. Hi everyone, As you may know, Labor is going to introduce a new electric vehicle discount. "As part of the Discount, Labor will exempt many electric cars from: Import tariffs – a 5 per cent tax on some imported electric cars; and. Fringe benefits tax – a 47 per cent tax on electric … deep fat fried pork chops