FBT reminder: electric cars exemption

It’s FBT time again, but for the 2022-23 FBT year it is 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 employees. To meet the conditions for 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 even if it was held (eg owned or leased) before that date, and be valued under the LCT threshold for fuel efficient cars.