“Until now, there's been generous tax discounts in place to encourage more people to buy EVs.

This budget, the government has wound back those discounts, saving the budget $1.7 billion over four years.

But it hasn't abandoned the discount entirely, which is a win if you consider that the scheme cost taxpayers 10 times the $90 million it had originally forecast this year alone.

From April 2027, the tax exemption will still apply to electric vehicles costing less than $75,000, but those above that threshold will only get a 25 per cent discount on the fringe benefits tax.

From April 2029, all electric vehicles below the luxury car tax threshold will receive a 25 per cent tax discount.

Climate Change Minister Chris Bowen's view is that the incentive scheme has already done its job, creating a boom in EV uptake that has driven investment in charging stations and other infrastructure.

The discounts were unlikely to last forever, but the slow walkback of benefits gives people already considering an EV time to make a purchase”

Excerpt From

“Find out if you're among the budget's winners or losers”

Holly Tregenza, Samantha Dick

ABC News

https://apple.news/ABj_S1GJsRVGO6M0QRfPzWQ

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