Statewide - Your partner in transitioning to low and zero-emission vehicles
The 'Electric Car Discount Bill' is a gamechanger for affordability of Electric Vehicles, Plug-in Hybrid Vehicles, and Hydrogen Fuel Cell Vehicles, financed through novated leases. An exemption on Fringe Benefits Tax (FBT) for novated leases on qualifying vehicles means potential tax-free financing and running costs, translating to potential substantial tax savings for individuals!
The Perfect Time for an Electric or Plug-In Hybrid Vehicle
With the Federal Government's Electric Car Incentive Policy, there's never been a better time to consider an Electric Vehicle (EV) or Plug-In Hybrid Electric Vehicle (PHEV). The FBT exemption, applying to vehicles priced below the luxury car tax threshold of $91,387 for the 2024-25 financial year, means that EVs and PHEVs are now more affordable than ever through a novated lease. The FBT exemption means tax-free motoring on finance and running costs, making it an attractive option for many drivers.
Incentives Apply To:
Why Choose an Electric or Plug-In Hybrid Vehicle?
Driving an Electric or Plug-In Hybrid Vehicle not only helps reduce your carbon footprint but also comes with significant financial advantages. These vehicles are increasingly popular due to their lower running costs and the tax incentives provided by the government.
Key Tax Benefits:
Fringe Benefits Tax (FBT) Exemption: Leasing an EV or PHEV through a novated lease can lead to a reduced or completely exempt FBT, resulting in substantial tax savings and tax-free motoring on finance and running costs.
GST Savings: Benefit from GST savings on both the purchase price and running costs of the vehicle when you lease through a novated lease.
Lower Fuel and Maintenance Costs: Electric and Plug-In Hybrid Vehicles typically have lower fuel and maintenance costs, contributing to overall savings.
Additional State and Federal Incentives: Depending on your location, additional state and federal incentives may be available, further reducing the cost of your vehicle.
Which Vehicles Are Covered?
The exemption covers zero or low emission vehicles with values below the luxury car tax threshold for fuel-efficient cars (currently $91,387):
When Do the Rules Take Effect?
The exemption applies retrospectively from 1 July 2022 to cars first held and used by a person on or after this date. Cars ordered before 1 July 2022 qualify if delivered on or after 1 July 2022.
Include Nearly All Your Running Costs
Novated Leasing not only provides a brand-new car at a fantastic purchase price but also allows you to cover running costs with your pre-tax deductions.
Inclusions:
Additional Benefits:
Start Your Green Vehicle Journey with Statewide
Explore your options and start your journey towards a more sustainable and cost-effective driving experience today!