The Australian government has introduced (Electric Car Discount Bill 2022) a Fringe Benefits Tax (FBT) exemption for eligible zero or low-emission electric cars and associated car expenses. This exemption provides a unique opportunity for both employers and employees to reduce their tax burden while contributing to a cleaner environment. However, it’s crucial to understand which Electric Car qualify for this FBT exemption before making a purchase or entering into a salary packaging arrangement.
In this article, we will provide you with a comprehensive list of eligible BEVs only (Excludes Plug-in hybrids & hydron fuel cells Vehicles) that meet the criteria for FBT exemption, ensuring you make an informed and tax-savvy choice.
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To be eligible for FBT exemption following conditions need to be met:
- The Electric car is a zero or low-emissions vehicle
- The first time the car is both held and used is on or after 1 July 2022.
- the car is used by a current employee or their associates (such as family members)
- It has never been necessary to pay the luxury car tax (LCT) when importing or selling an electric car.
Eligible List of BEVs for FBT Exemption
Based on the above conditions given lists of Battery Electric Vehicles are eligible for FBT exemption in Australia as of 20th June 2023.
| BEVs Model | Price | Battery Size |
|---|---|---|
| BYD Atto 3 | $48,011 (Superior Standard Range), $51,011 (Superior Extended Range) | 50.1 kWh (Standard Range), 60.4 kWh (Extended Range) |
| Cupra Born | $59,990 | 82 kWh |
| Hyundai Ioniq 5 | $69,990 Ioniq 5 Dynamiq (two-wheel-drive), $77,500 Ioniq 5 Techniq (four-wheel-drive) | 72.6 kWh |
| Hyundai Kona Electric | $54,500 (Elite Standard Range), $58,000 (Highlander Standard Range), $60,500 (Elite Extended Range), $64,000 (Highlander Extended Range) | 39.2 kWh (Standard Range), 64 kWh (Extended Range) |
| Hyundai Ioniq 6 | $74,000 (Dynamiq), $83,500 (Techniq) | 77.4 kWh |
| Kia EV6 Air (RWD) | $72,590 | 77.4 kWh |
| Kia EV6 GT-Line RWD | $79,590 | 77.4 kWh |
| Kia Niro Electric S | $65,300 | 64.8 kWh |
| Kia Niro Electric GT-Line | $72,100 | 64.8 kWh |
| Lexus UX300e | $79,990 | 72.8 kWh |
| Mazda MX-30 | $65,490 | 35.5 kWh |
| MG ZS EV Excite | $43,990 | 51 kWh |
| MG ZS EV Essence Long Range | $55,990 | 72.6 kWh |
| Mini Cooper SE | $55,650 | 32.6 kWh |
| Nissan Leaf | $50,990 | 40 kWh |
| Nissan Leaf e+ | $61,490 | 62 kWh |
| Polestar 2 | Polestar 2 standard range from $63,900, Polestar 2 Long range from $68,400 & Polestar 2 Long Range Dual Motor from $73,400 | 69 kWh (Standard Range), 78 kWh (Long Range) |
| Tesla Model 3 | Model 3 Standard Range: $65,500, Model 3 Long Range: $80,102 | 62.3 kWh (Standard Range), 82 kWh (Long Range) |
| Tesla Model Y | Model Y Rear-Wheel Drive: $68,900, Model Y Long Range All-Wheel Drive: $81,900 | 60 kWh (RWD), 79 kWh (AWD) |
| Volvo C40 Recharge | $78,990 | 69 kWh |
| Volvo XC40 Recharge Pure Electric | XC40 Recharge Pure Electric Single Motor: $78,990, XC40 Recharge Pure Electric Dual Motor: $79,990 | 69 kWh (Single Motor), 78 kWh (Dual Motor) |
Please note that the following data is for the financial year 2022/23, and the prices mentioned above are subject to change. All prices listed are the manufacturer’s suggested retail price (MSRP) and do not include on-road costs (unless stated otherwise). Please be aware that these prices may vary between states.
