Electric vehicles (EVs) are becoming an increasingly popular vehicle choice across Australia, and for good reason. These types of cars are widely known for being more environmentally sustainable than traditional petrol cars, along with being a quieter choice and boasting lower operating costs than traditional petrol cars as well. In saying that, electric vehicles can be more expensive to purchase upfront. To incentivise the adoption of EVs nationwide, various Australian states and territories have introduced dedicated incentives for electric car owners.
In this informative blog, we will take a closer look at the electric car incentives available for Australians across the country, allowing you to take advantage of the opportunities specific to EV owners.
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Electric Car Incentives State-by-State
In Queensland, owners of electric and hybrid vehicles are eligible for a discounted rate on stamp duty, with a discount of 2% applied to vehicles with a sales value of $100,000 and under. For vehicles over $100,000, the stamp duty discount increases to 4%.As well as this incentive, the state government offers a rebate of up to $6,000 for eligible households for EVs under $68,000 purchased after July 1, 2022.
New South Wales
In New South Wales, electric vehicle owners are exempt from paying stamp duty on the purchase of a new or used electric vehicle’s that cost $78,000 or less. Additionally, the state offers a rebate of $3,000 for new electric vehicle’s under $68,750. Thanks to these incentives, EV owners can save up to thousands of dollars.
Similar to QLD and NSW, the Victorian government offer a $3,000 rebate for new electric vehicles purchased after May 2, 2021, as well as free registration for the first year owned. In Victoria, electric vehicles are exempt from luxury vehicle rates of stamp duty in Australia. Instead, EVs are subject to a flat rate of $8.40 per $200 of market value. This means that the cost of stamp duty for EVs is significantly lower than that of luxury vehicles. EVs and other low emission vehicles may also receive a $100 annual discount on vehicle registration.
Although these electric car incentives started in July 2021, it is a 2 year stamp duty waiver for all new and used EV purchases regardless of price in Tasmania. This means, buyers have until July 2023 (yes, only a few months left) to make that purchase and have the stamp duty waived – allowing you to keep more money in your bank account.
Australian Capital Territory
Down in the ACT, new zero-emission vehicles including EVs are eligible for two years free registration under the government. New electric vehicles may also receive EV tax credit on stamp duty, with plug in hybrid vehicles receiving a 20% discount. Free public charging at all government-owned charging stations is also available, with the ACT government announcing their commitment to transitioning its entire government fleet to electric vehicles by 2030.Lastly, under the Sustainable Household Scheme, ACT residents may be eligible to receive an interest free loan of up to $15,000 to invest in new and used zero emission vehicles.
In the Northern Territory, and from July 2022, purchasers of new or used EVs, fuel-cell, and plug-in hybrids are eligible to receive a $1500 discount in stamp duty, which applies across a five-year period. Additionally, both new and existing EVs are eligible for free registration, including previously registered, interstate transfers, and imported or modified electric vehicles.
All of the above electric car incentives make owning electric and hybrid vehicles more cost-effective and encourage the adoption of sustainable transportation options across the country – with the bid to reduce fuel running cars on our roads nationwide. At Fido Finance, we make it our mission to inform our customers of all available incentives attached to vehicles they’re wanting to purchase, allowing them to get the most out of their new or preloved vehicle.
Note: many of the above incentives have a cap on the number of applicants. To determine your eligibility please visit your State Government’s website.
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