ELECTRIC VEHICLES JUST GOT THOUSANDS CHEAPER FOR ORDINARY AUSTRALIANS

EV Channels Review

John Cadogan breaks down new Australian legislation that significantly reduces the cost of electric vehicle ownership for salaried individuals. The "Treasury Laws Amendment (Electric Car Discount) Bill 2022" exempts EVs and plug-in hybrids under $84,916 from fringe benefits tax (FBT) when acquired through a novated lease or salary sacrifice arrangement. This effectively makes EVs like the Tesla Model 3 comparable in weekly take-home pay cost to conventional hybrids like the Toyota Corolla SX Hybrid, despite a substantial price difference. Cadogan highlights that this offers a potential saving of up to $6,000 annually for eligible individuals, making EVs a "no-brainer" for many. The concession for plug-in hybrids is temporary, ending in 2025, but the EV benefit is expected to be indefinite. He emphasizes the importance of understanding novated leasing mechanics and advises viewers to seek independent advice, while also recommending specific providers for assistance.