Electric vehicles are the future, and everyone from your local barista to Australian lawmakers knows it.
As a result, a number of incentives have been introduced - on both a Federal and State & Territory level - to help increase the number of EVs driving on the roads, reduce our reliance on fossil fuels and slash emissions.
While Australia has been extremely late to the game, significant moves have been made in recent months, so let’s catch you up with all the available electric vehicle incentives currently available in Australia.
As you’ll discover, some of these incentives are only available for a limited number of buyers, so if you’re looking to make the switch, there’s never been a better time to compare your options with one of our car-buying specialists.
Federal EV Incentives across Australia
Regardless of which State or Territory you’re living in, there are a number of Federal electric vehicle incentives that are designed to make your purchase more affordable, these include:
- $2000 off the purchase price of an electric vehicle
- Fringe Benefits Tax Exemption for EVs up to $84,916
- A higher Luxury Car Tax (LCT) threshold than standard cars (up to $84,916)
- Removal of 5% import tariff on EVs priced under the LCT threshold
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EV Guide: Australian Electric Vehicle Incentives by State & Territory
New South Wales
- $3000 rebate for the first 25,000 EV and fuel-efficient electric vehicles (FCEVs)
- Stamp duty exemption for new and used EVs purchased for under $78,000
- Registration discounts (amount depends on the value of EV purchased)
- T2 and T3 transit lane access for EV drivers state-wide
- Tax rate: 2.5c per km from July 1, 2027
- $3000 incentive for the first 20,000 EVs purchased under $68,740
- Discounted stamp duty
- $100 registration discount per year
- Tax rate: 2.6c per km from July 1, 2022
- $263 discount for registration costs per year
- $6000 concession for first 15,000 EVs sold under $68,800 (for households making less than $180,000 per year)
- $3000 rebate for those earning more than $180,000 per year
- Stamp duty reduction
- No confirmed tax rates, yet
Australian Capital Territory
- 24-month free registration until June 30, 2024
- 20 per cent registration fees for older electric vehicles
- Waived stamp duty for first EV purchase
- Interest-free loans (up to $15,000) for the purchase of EV up to $77,565
- No confirmed tax rates, yet
- 24-month stamp duty exemption for new and used EVs purchased from July 1, 2021
- 24-month free registration for certain fleet purchases
- $3000 rebate for first 7000 EVs purchased up to $68,750
- 36-months free registration, up to 2026
- $2000 discount for home charger installation, for first 7500 applicants
- $3500 rebate for first 10,000 EV or FCEV purchases, up to $70,000 (before on-roads)
- Exemption from WA’s 10 per cent transport levy
- 2.5c tax rate from July 1, 2027
What is the Australian Government Doing to Encourage More Electric Cars?
The Australian Government has been famously slow to get the ball rolling on incentives for electric vehicles compared to other developed nations.
Now, though, there are a number of Federal incentives to increase the number of EVs sold per year, as transitioning to zero-emission vehicles becomes more important.
The best examples of these is the government-backed $2000 reduction on the purchase price of an electric vehicle, the Fringe Benefits Tax exemption for EVs up to $84,916, a higher Luxury Car Tax (LCT) threshold than standard cars and the removal of 5% import tariff on EVs priced under the LCT threshold.
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As you can see, the most attractive of these incentives are only available for a limited time, which means if you’re looking for the biggest discount, you’ll have to be quick, so get in contact to discover your best EV options and save thousands in the process.