Electric Vehicles explained.
As part of the Federal Government’s climate policy, a bill to exempt electric vehicles with low-to-zero emissions from FBT has been approved.
The policy removes the FBT liability on electric vehicles that are Battery Electric Vehicles or Plug-in Hybrid Vehicles, with a purchase price below $89,332, until June 2025.
What does this mean for me?
Even more tax savings now that the Federal Government’s bill to exempt Electric Vehicles from FBT has passed. Through InsideEDGE, you can now lease the popular MG ZS SUV with a purchase price of $50,000 for the same monthly lease cost as a $28,000 Mazda 2 over a three-year lease*.
If you lease a new EV with a purchase price under $89,332 (excl on roads) the legislation exempts the vehicle from any FBT Liability.
Are all EVs included?
The legislation covers Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) but does not cover Hybrid Electric Vehicles (HEVs).
To understand the different types of electric vehicles in the market, consult our reference page below or call one of our Novated Lease Specialists today on 1300 551 987.
Click on your state/territory to stay up to date with the current EV subsidies and rebates.
There are three main types of EVs currently available:
Battery Electric Vehicles (BEVs)
A Battery Electric Vehicle (BEV) is classified as an all-electric car. Hence they are powered exclusively by electricity and tend to have larger batteries onboard. This leads to a higher cost than other types of EVs. Also, BEVs need to be charged prior to being driven, by a home charger or fast charging station located throughout Australia.
Plug-in Hybrid Vehicle (PHEVs)
A Plug-in Hybrid vehicle (PHEV) combines an internal combustion engine (ICE) with an electric motor and battery pack. Hence they can be topped up with both electricity and fuel and will automatically switch between motors depending on the conditions. Secondly, a PHEV can run on petrol alone if the battery is depleted is used, and on battery alone if the fuel has been exhausted.
Hybrid Electric Vehicle (HEVs)
A Hybrid Electric Vehicle (HEV) combines an internal combustion engine with an electric motor and small battery pack that extends the fuel range of the vehicle. Another key point is the electric motor automatically kicks in when accelerating or cruising on a highway but doesn’t need to be plugged in for charging. As a result it charges itself through regenerative braking and the vehicle can only be topped up with traditional fuels such as petrol or diesel.
Here are some of the electric vehicles InsideEDGE has available.
Below is a list of Electric Vehicles currently available, under the luxury car tax threshold of $89,332
This list was last updated August, 2023.
|BYD||Atto3 Extended||Small SUV|
|BYD||Atto3 Standard||Small SUV|
|Hyundai||Kona Elite Extended Range||Small SUV|
|Hyundai||Kona Highlander Extended Range||Small SUV|
|Hyundai||Kona Elite||Small SUV|
|Hyundai||Kona Highlander||Small SUV|
|Kia||Niro GT||Small SUV|
|Kia||Niro S||Small SUV|
|Lexus||UX Luxury||Small SUV|
|MG||4||Small SUV||MG||ZS Essence||Small SUV|
|MG||ZS Excite||Small SUV|
|Volvo||XC40 Single Motor||Small SUV|
|Volvo||C40 Dual Motor||Small SUV|
|Volvo||C40 Single Motor||Small SUV|
|Volvo||XC40 Dual Motor||Small SUV|
|Mini||Cooper SE||Small Hatch|
|Hyundai||Ioniq5 Dynamic RWD||Medium SUV|
|Hyundai||Ioniq5 Techniq AWD||Medium SUV|
|Kia||EV6 Air||Medium SUV|
|Kia||EV6 GT Line RWD||Medium SUV|
|Tesla||Model Y RWD||Medium SUV|
|Polestar||Polestar2 Long Range||Medium Sedan|
|Polestar||Polestar2 Std Range||Medium Sedan|
|Polestar||Polestar2 long Range Dual Motor||Medium Sedan|
|Tesla||Model 3 Long Range||Medium Sedan|
|Tesla||Model 3 RWD||Medium Sedan|
|Nissan||Leaf e+||Medium Hatch|
Not exactly what you're looking for?
No problem. Let us know what you're after and we'll source it for you!
Frequently Asked Questions
In our experience, there are some frequently asked questions regarding Electric Vehicles. For this reason, we have summarised the most common ones below, and welcome you to call us to discuss any other you may have. We’re here to help!
How do I charge my car?
As part of your novated lease with us, you receive a Chargefox charge card. You can use this card to charge on any Chargefox charging station, including Chargefox connected stations in your home or business. All charges incurred by the use of this card will be billed to your account. Easy!
Is there the infrastructure for charging when I’m not at home?
Yes the number of public charging points is increasing everyday. Furthermore the Government has given an undertaking to increase the infrastructure across the country as sales increase. Visit plugshare.com to see the number of charging points across Australia.
Should I have range anxiety?
To answer this question, ask yourself how many times have you run out of petrol? If the answer is rarely, this indicates you are aware that you need to re-fuel and you manage that effectively. Similarly, most EV’s will let you know how long you have to go and furthermore, where the charging points are. And remember, you can charge it at home every night.
Are there other benefits of an EV?
There are multiple pros that come with owning an EV. Lowering your carbon footprint is a big one but you also do your hip pocket a favour by saving on:
- Servicing costs are undoubtedly cheaper
- Re-sale value on EV is as strong if not stronger than ICE
- The planet will certainly thank you!
Many of our team members own EVs which makes them a handy resource for any questions you may have.
*Disclaimer: While InsideEDGE makes every effort to provide accurate and complete information, InsideEDGE makes no express or implied representation as to the accuracy or completeness of the information provided and will not be liable to you or your employer, in any respect. Salary Packaging may affect other factors including but not limited to Medicare Levy Surcharge, HECS, Child Maintenance liabilities or any Low Income Tax Office (LITO) that may be applicable. InsideEDGE recommends that you obtain your own independent advice when considering salary packaging.