CA ANZ has lodged a submission for the Senate Standing Committee on Economics inquiry into Treasury Laws Amendment (Electric Car Discount) Bill 2022 which includes the FBT exemption for electric cars provided by employer to employees.

The objective of this Bill “is to encourage a greater take up of electric cars by Australian road users by making electric cars more affordable, and to reduce Australia’s carbon emissions”. In the submission, CA ANZ suggested this transition could be assisted by:

• including existing electric vehicles in the proposed exemption.
• adding an equivalent exemption for Division 7A of the Income Tax Assessment Act 1936 which would allow self-employed people to access a similar concession.
• accompanying ATO guidance.