Fringe benefit taxes are one thing that will be talked about when the topic of novated leases comes up. These don’t get talked about when you set up a regular car loan, so what’s the story? What are fringe benefit taxes, why do they exist and what are some examples of fringe benefits?
Fringe Benefit Taxes and Novated Leases
Say Goodbye to the FBT Exemption for PHEVs: ⚡⌚ The Clock’s Ticking!
If you’ve been eyeing a plug-in hybrid electric vehicle (PHEV) under a novated lease, here’s your friendly wake-up call: the FBT (Fringe Benefits Tax) exemption for PHEVs is officially hitting the brakes on 31 March 2025. That’s right—after this date, PHEVs will no longer qualify for the jui
BEVs, PHEVs and MHEVs – Oh My!
Right now, one of the hot topics in the world of novated leases and salary sacrifices is that PHEVs and EVs don’t count when it comes to fringe benefit tax – with the catch being that in the case of PHEVs, this only applies to novated leases set up by 31 March 2025 at the latest.
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Wrapping your head around a novated lease
So you’ve heard that your employer is offering you a novated lease as part of your salary. Perhaps you’ve also heard some of the buzz about how novated leases involving electric vehicles (EVs) don’t count as fringe benefits for tax purposes. If you’re feeling confused, you’re not alone
EV Sales Growth Down While PHEV Sales More Than Double
2024 saw a massive shakeup as pure EV sales softened (only growing 4% last year) but on the flipside, sales of Plugin Hybrid Electric Vehicles (PHEVs) boomed as Australian consumers choose the 'best of both worlds' Leading this charge is BYD, where over 60% of their sales are PHEVs notably the th