Federal Budget 2021-22 update

The Federal Government delivered its updated 2022-23 Budget on Tuesday, 25 October 2022.

The Budget confirmed that the Electric Car Discount, once passed as law, will exempt battery, hydrogen fuel cell and plug-in hybrid electric cars held or used from 1 July 2022 from fringe benefits tax (FBT) and import tariffs, if their retail price falls below the luxury car tax threshold for fuel-efficient cars ($84,916).

As part of this measure, employers will need to include FBT-exempt electric cars as a reportable fringe benefit on an employee's payment summary. We are working to update our reporting processes to include electric vehicles.

Salary Packaging

No new measures were announced that impact salary packaging or novated leasing provisions for Maxxia customers.

What happens next?

There is nothing you need to do. You can continue to package as normal.

We’re here to help

If you have any questions about your salary packaging or novated leasing arrangements, please contact us.