Transitioning to an electric vehicle (EV) is not just an eco-conscious choice but also a financially savvy move in Australia, thanks to a host of generous incentives. At EVsHome, we're excited to help you unlock these savings and make the switch from fuel to electric in 2023. Here's your ultimate guide to the EV incentives that are driving Australia's green revolution.
Federal Incentives: The Australian government is bolstering the shift to electric with:
- A raised Luxury Car Tax threshold for fuel-efficient vehicles.
- Elimination of customs duties for select EVs.
- An exemption from Fringe Benefits Tax for low emissions vehicles, enhancing the appeal of novated leases.
State-Specific Incentives:
New South Wales:
- A $3,000 rebate for new EVs, set to conclude at the end of 2023.
- Stamp duty exemption for EVs under $78,000, offering an average saving of $5,540.
Australian Capital Territory:
- Two years of free registration for new and used zero emissions vehicles.
- No stamp duty for new zero emissions vehicles.
Victoria:
- A $3,000 rebate for new EVs under $68,740, though this program has ended as of June 2023.
- A uniform stamp duty rate and a $100 annual discount on vehicle registration for ZEVs and plug-in hybrids.
Queensland:
- A doubled rebate of $6,000 for new EVs under $68,000.
- A 33% discount on stamp duty for electric and hybrid vehicles.
South Australia:
- A $3,000 rebate and three years of free registration for the first 7,000 eligible EVs, with some rebates still up for grabs.
Western Australia:
- A $3,500 rebate for the first 10,000 buyers of new ZEVs priced at $70,000 or less.
Tasmania and Northern Territory:
- Tasmania offered a stamp duty waiver until June 2023 but currently has no active incentives.
- The Northern Territory provides a $1,500 discount on stamp duty, free registration for EVs, and grants for EV charger installations.
Road Use Taxes: Note that some states have introduced or are planning to introduce road use taxes for EVs to balance the reduction in fuel excise revenue.
At EVsHome, we're dedicated to assisting you in leveraging these incentives to make your EV purchase more affordable. Check out our website for comprehensive information and to browse our selection of EV accessories that complement your sustainable lifestyle.
