Is an EV Right for Me?

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        microsnot on 07/01/2025 - 18:41

        +1

        You are supposed to have incurred actual costs. You can't claim this if using solar, free charging at council, free periods with your electricity retailer, etc. Obviously if you are house sitting and didn't pay electricity bills then you didn't incur costs and you should keep an electricity bill too.

        To others reading… DYOR on what your risk tolerance is based on the guidance. https://www.ato.gov.au/law/view/document?src=dr&pit=99991231… You need to record keep based on paragraphs 73 to 75.

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          changyang1230 on 07/01/2025 - 19:06

          +1

          @microsnot: “one electricity bill for your residential premises in the applicable income year to show you have incurred electricity costs.”

          I agree that technically if OP never paid a single cent and used their host’s electricity for free then technically they don’t qualify.

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            greenslade on 07/01/2025 - 20:08

            @changyang1230: If I get an EV, I will be reimbursing home owners for the excess electricity used, so I believe I would qualify.

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    changyang1230 on 07/01/2025 - 17:05

    +1

    You are probably aware but for the benefit of others reading this, please note that the 4.2c/km is what you can claim as tax deduction, but not a full “rebate” or “refund”.

    In this example, the calculated 1993 dollars per year figure is what OP gets to claim in tax deduction.

    For actual net financial impact, if you multiply this figure by marginal tax bracket + 2% levy, you then get the “tax refund” figure. In other words, if OP is 30% tax bracket, then they can get 1993*32%=637.76 dollars in refund.

    Still a great deal but just need to be clear about what this truly means. And as @klaw81 points out, if you charge for cheap eg 8c/kWh, then the net effect is indeed you could make net profit for the electricity aspect, ie you “get paid to charge and drive”.

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      klaw81 on 07/01/2025 - 17:24

      4.2c/km is what you can claim as tax deduction, but not a full “rebate” or “refund”.

      A very important distinction - thanks for clarifying.

      It's much less of a good deal at 32%, but the fact that a tax deduction can effectively wipe out the cost of "fuel" and leave a little extra cash in your pocket is still pretty sweet.

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      trapper on 07/01/2025 - 17:58

      You are probably aware but for the benefit of others reading this, please note that the 4.2c/km is what you can claim as tax deduction, but not a full “rebate” or “refund”.

      I never claimed it was a rebate or refund; I specifically stated it was a tax deduction twice.

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        changyang1230 on 07/01/2025 - 18:03

        Not sure why you are upset when I already wrote clearly that I know you likely know and this is merely a clarification for others who may potentially misunderstand…

        It’s literally my first sentence “you are probably aware but for benefit of others”

        The distinction of tax deduction and rebate might be second nature to you but you would be surprised by the percentage of populations who have no clue what they mean.

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          greenslade on 07/01/2025 - 20:10

          +1

          @changyang1230: I appreciated the clarification - I confess I get deduction and rebate mixed up sometimes.

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            klaw81 on 07/01/2025 - 23:59

            +2

            @greenslade: Me too - I misinterpreted the original statement and was glad for the clarification. I should have read it more carefully.

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