What does the EV Discount mean exactly?
The EV Discount refers to a government initiative designed to improve the affordability of electric cars. Novated leases are required by law to have a certain amount of Fringe Benefits Tax be paid – it’s why pre-tax and post-tax payments are needed. With the EV Discount however, a novated lease on an eligible electric car is FBT exempt, meaning you don’t pay any post-tax contributions – for electric cars retailing up to the fuel efficient Luxury Car Tax threshold.
Disclaimer: This general information doesn’t take your personal circumstances into account. Please consider whether this information is right for you before making a decision and seek professional independent tax or financial advice. Employers should independently consider whether a benefits program is appropriate for their organisation and seek advice where appropriate. Conditions and fees apply, along with credit assessment criteria for lease and loan products. The availability of benefits is subject to your organisation’s approval. Maxxia may receive commissions in connection with its services. Maxxia does not act as your agent or representative (or provide you with any advice or recommendations) in respect of the purchase of any vehicle.