To help support the uptake of Electric Vehicles (EVs), many state and territory governments have introduced a range of rebates and incentives. These incentives are aimed at making owning an electric vehicle easier for customers by reducing upfront cost, providing tax savings and reducing on-road costs.
Below we take a look at the EV rebates and incentives currently available in Australia by state/territory:
Stamp duty exemption for new EVs that have not been previously registered. Plus, 2 years of free registration for all EVs, new or used purchased between the period 24th May 2021 – 30 June 2024. If eligible, the registration component of vehicle registration fee will also be waived. All other relevant fees and charges will remain.
Not only this, as part of the ACT Sustainable Household Scheme new or used EVs with a purchase price of upto $84,916 will also be eligible for 0% interest car loans for upto $15,000 of their vehicle price.
From 1 September 2021, a $3000 rebate will be offered for the first 25,000 EVs with a vehicle price of less than $68,750.
Stamp duty exemption is applicable for vehicles priced under $78,000. This does not include vehicles procured under a novated lease.
$3000 rebates are available to eligible Queensland individuals and businesses who have purchased a new battery electric vehicle (BEV) with a dutiable value of upto $58,000 on or after 16th March 2022.
Dutiable value is the total amount paid for the vehicle, which includes delivery costs, accessories and options added to the vehicle and any other changes or fees levied by the dealer. It does not include registration fees and vehicle registration duty.
Electric and hybrid vehicles pay reduced stamp duty: $2 per $100 upto $100,000 (dutiable value), and $4 per $100 value thereafter (compared to up to $6 per $100 for more polluting vehicles). No major rego incentives.
The South Australian Government has a commendable package of incentives for EV owners, offering a $3000 rebate on the first 7000 new battery electric vehicles with a dutiable value less than $68,750 as well as a 3 year registration fee exemption for new BEVs until July 1, 2025.
The subsidies are only available for battery electric or hydrogen fuel cell electric vehicles.
Tasmania residents purchasing and EV will be eligible for free stamp duty for 2 years on new and used EVs as of 1st July 2021.
The Victorian Government’s target is for half of all light vehicle sales to be ZEVs by 2030. From 2 May 2021, the Victorian government has introduced a $3000 subsidy paid at point of sale for the first 4000 electric vehicles sold under the current $68,740 threshold.
Additionally, EVs are exempt from the ‘luxury vehicle’ rate of stamp duty, paying a flat rate of $8..40 per $200 of market value and will also receive a $100 annual discount on vehicle registration.
From 10 May 2022, the WA government will offer a ZEV rebate of $3,500 on the first 10,000 new ZEVs under a vehicle subtotal threshold of $70,000. Residents will also be eligible for an exemption from the 10% on-demand transport levy.
From July 2022, buyers of eligible new or used EVs will receive a $1500 discount on stamp duty and five years of free registration.
If you are interested in taking advantage of these incentives and building a more environmentally sustainable fleet, reach out to us at StreetFleet.