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Labor Electric Car FBT discount
- Thread starter ENORYM
- Start date
hyperdallas
Member
It's on the agenda to be discussed on Wednesday but its the last bill on the agenda. Hopefully with a sitting on Thursday if they run behind scheduled it can be reviewed the next day.
Priit
Active Member
If I remember correctly, it was also on agenda last month on the last Wednesday, but they ran late on other discussions and the next day was mourning for the Queen so ended up being bumped to this month. Lets hope they finally get to it...
I did see mention to it in the budget but I don't think it means anything different. Just they put it in there to highlight they want to do it. Someone who knows more about the budget feel free to weigh in. I don't know a whole lot on the topic.
It isn't listed for debate today unfortunately Order of Business 26/10/2022
I wonder if that's because the government hasn't secured agreement from the cross-benchers to pass it yet, thus they keep kicking it down the road?
I wonder if that's because the government hasn't secured agreement from the cross-benchers to pass it yet, thus they keep kicking it down the road?
Kind of.. it's in there because it will have an impact to the bottom line, so the budget needs to account for it.
Priit
Active Member
It's on the agenda for tomorrow, and it's not listed last (6th out of 8 items). Fingers crossed!
hyperdallas
Member
I don't think they're sitting again until November 21st.
Which is also when my current finance expires, although I don't expect to be assigned a VIN anyway.
They’re sitting tomorrow, aren’t they? Not that I will be getting my hopes up given the glacial pace of other sitting days.I don't think they're sitting again until November 21st.
Which is also when my current finance expires, although I don't expect to be assigned a VIN anyway.
No - there are only committee hearings tomorrow.
Priit
Active Member
Its been barely half a day? Could they still have a look at it or have they finished for today?
According to the live schedule, they're done with the government bills for the month. Dynamic Red - ParlWork | Parliament of Australia
Hi,Hi All,
If Labor win this years election, they will be removing the Fringe Benefit Tax for electric cars under the Luxury Car Tax Threshold.
Electric Car Discount
Cheaper electric cars so that more families who want them can afford them, and to reduce emissions.www.alp.org.au
So Leasing may be a very viable option for getting a Tesla, especially those earning a higher income.
Thoughts? Discussions?
I recently put in an order for a M3. Will be putting it through novated lease.
YMMV but the cost of the car plus tyres, maintenance, registration, insurance works out to be around $11k per year after tax
The balloon is around $21k with the car worth around the $28k mark at that time.
So it works out for an extra few thousand dollars I can have the car for 5 years with nearly all expenses paid.
Without the FBT exemption, a novated lease doesn't make too much financial sense, at least for me. For a 5 year novated lease vs. a 5 year loan @3.99% (inc. insurance, registration and tyres budgeted), I'd end up paying $10k more for the novated lease.
If and only if the bill were to pass, I'd save $12k...
If and only if the bill were to pass, I'd save $12k...
