The Labor Government has announced incentive that will be offered for owners of electric vehicles.

The ‘Electric Car Discount’ which will be effective from 01 July 2022 includes:

• Import tariffs exemption (a 5% tax on some imported electric cars); and
• Fringe Benefits Tax Exemption (a 47 percent tax on electric cars that are provided through work for private use)

These exemptions will be available to those electric cars that are below the luxury car tax for fuel-efficient vehicles ($77,565 in 2020-21).

Labor has also committed to working with industry, states, unions and consumers to enhance infrastructure and manufacturing within Australia.

To see the full press release from the ALP website, CLICK HERE.

Author: Anna Rosemarie

Entrepreneur