Electric Car FBT Exemption EXPLAINED

Fringe Benefits Tax (FBT) is a tax applied to employers when they provide particular benefits such as gifts or providing a car.

The ATO sees this as an alternative means of income, and this tax can get VERY pricy. However, providing benefits can still be a good way to attract and retain top talent.

Additionally, as of July last year, the Australian Government introduced the Electric Car Discount Bill 2022, which means that if you provide your employees with cars for private use, and these cars have zero or low emissions like electric cars, plug-in hybrids or hydrogen fuel cell cars, you won't have to pay FBT on them.

These rules can be very specific and confusing, so watch this video to find out more!

#daviemach #taxdeductions #accounting #fringebenefitstax



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Davie has over 10 years experience in advising businesses in management accounting and taxation issues. He heads up a passionate team at Box Advisory Group who are dedicated to offering proactive and outstanding service to our clients.

Davie’s extensive experience in providing tax and consulting advice and astute business knowledge has paved the way for success for many businesses.

He is a member of the Chartered Accountants Australian and New Zealand, a member of the Australian Tax Practitioners Board and holds a Bachelor of Commerce degree from the University of New South Wales.

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DISCLAIMER: Please note that every effort has been made to ensure that the information provided in this video is accurate. You should note, however, that the information is intended as a guide only, providing an overview of general information available to contractors and small businesses. This guide is not intended to be an exhaustive source of information and should not be seen to constitute legal or tax advice. You should, where necessary, seek your own advice for any legal or tax issues raised in your business affairs.



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