Treasury Laws Amendment (Electric Car Discount) Bill 2022 received Royal Assent on 12 December 2022.
As a consequence of this legislation being enacted, certain electric vehicles provided as a car benefit on or after 1 July 2022 can be exempt from Fringe Benefits Tax. Various criteria needs to be met for the exemption to apply. The car needs to have been held and used for the first time by the employer on or after 1 July 2022 and it cannot have been subject to the luxury car tax when it was purchased.
For the 2023 income year, to qualify for this exemption the car needs to cost less than the luxury car tax threshold for fuel efficient vehicles of $84,916.
Ref: Treasury Laws Amendment (Electric Car Discount) Bill 2022