14 December 2022
As an employer, you previously needed to pay FBT on electric cars provided to your employees. From 1 July 2022, you will now be exempt from paying FBT on benefits provided for electric cars that meet all the following criteria:
Registration, insurance, repairs, maintenance and fuel expenses provided for eligible electric cars are also exempt from FBT.
Note that despite the exemption, you’ll still need to determine the taxable value of the benefits provided, and include it in your employee's reportable fringe benefits amount (RFBA).
You need to report the RFBA on your employee’s income statement or payment summary.
Remember, registered tax agents and BAS agents can help you with your tax.
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