In episode 39, the upcoming end of the FBT year and changes to HR salary packaging affect the business.
Electric vehicles and the FBT packaging treatment of them, is about to change. The team must begin to consider their salary packages, investor reporting and management reporting to budget.
On 12 December 2022, the Treasury Laws Amendment (Electric Car Discount) Bill 2022 was enacted to provide an FBT exemption in respect of eligible electric vehicles. The exemption retrospectively applies to eligible car benefits provided from 1 July 2022.
The objective of the exemption is to encourage a greater take up of electric cars by making them more affordable and to reduce Australia’s carbon emissions from the transport sector.
Regeneration is our commitment.
Are you enjoying our cartoons? Save time and grab some cheeky characters for your updates and newsletters here.
We hope you’re enjoying our The ESG Tickler jottings, just a note though. The information provided here is intended for general informational and educational purposes only. While we aim for accuracy, we can’t guarantee that this content will apply to your specific situation—everyone’s circumstances are unique.
The ESG Tickler is not a substitute for personalized advice from a qualified accountant, tax advisor, or any other professional. If you have questions specific to your individual circumstances, we strongly recommend consulting a professional for tailored advice.