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Have you heard about the new discount on electric cars?
Electric vehicles financed under a novated lease are to be exempt from Fringe Benefits Tax (FBT) from July 1.
The discount is available for battery electric cars, hydrogen fuel cell electric cars and plug-in hybrids below the $84,916 luxury car tax threshold for fuel-efficient vehicles.
It means a $50,000 electric vehicle such as the Nissan Leaf will be $9,000 a year cheaper for employers.
For individuals using salary sacrifice to pay for the same model, their saving would be up to $4,700 a year.
Savings will be even higher for more expensive models up to the luxury car tax threshold.
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By Rebecca MitchellElectric vehicles financed under a novated lease are to be exempt from Fringe Benefits Tax (FBT) from July 1.
The discount is available for battery electric cars, hydrogen fuel cell electric cars and plug-in hybrids below the $84,916 luxury car tax threshold for fuel-efficient vehicles.
It means a $50,000 electric vehicle such as the Nissan Leaf will be $9,000 a year cheaper for employers.
For individuals using salary sacrifice to pay for the same model, their saving would be up to $4,700 a year.
Savings will be even higher for more expensive models up to the luxury car tax threshold.