Electric Car Fringe Benefits Tax Exemption
From 1st July 2022 Fringe Benefits Tax (FBT) is not payable to the ATO on the private usage of zero or low emissions vehicles.
Ok great, but what does that mean.
Normally any personal usage of a company or work car will be subject to extra (FBT) tax to make sure tax is being paid on all benefits an employee receives that aren’t salary/wages.
As with everything, lots of fine print.
We’ve applied the magnifying glass for you.
April 20, 2023
