April 2023 Newsletter
Please click on the following link to view this month's newsletter for April 2023. We would like to highlight the following article:-
FBT: electric cars exemption
For the 2022–2023 FBT year it’s important to remember that your business may be able to get an exemption for certain eligible electric vehicles made available for the private use of your employees.
To meet the conditions for the exemption, the car must be either a battery electric vehicle, a hydrogen fuel cell electric vehicle or a plug-in hybrid electric vehicle used for the first time on or after 1 July 2022 and must be valued under the luxury car tax threshold for fuel efficient cars.
For FBT purposes, motorcycles and scooters are not considered to be cars and therefore would not be eligible for the exemption even if they happened to be electric.
If an electric vehicle meets all of the conditions, car expenses such as registration, insurance, repairs and maintenance, and the fuel/electricity to charge cars, will also be exempt.
Please do not hesitate to contact us if you have any queries in relation to your tax and accounting matters.