Electric vehicle home charging expenses

Electric vehicle home charging expenses

a white car plugged in to a charging station

The ATO has introduced a 4.20 cents per km rate for home-charging electric vehicles (EV). The rate is multiplied by the number of kilometres the electric vehicle travels during the year.

As the compliance costs involved in calculating the EV electricity consumption vs the household private electricity use is high, the ‘Practical Compliance Guideline PCG 2023/D1’ provides welcome relief to taxpayers.  The guideline applies to zero-emission vehicles that use electric motors (fuelled by a battery, hydrogen fuel cell, electric generator, or off-vehicle electrical power source).

In 2023, Australians can choose from 30 new EV models and are forecast to purchase 60,000 new electric vehicles annually. This is double the 2022 EV sales and up substantially on the 1,000 sold in 2018. Modelling by the CSIRO has forecast that between 2045 and 2050, more than 20 million electric vehicles – close to 100 per cent of all cars – will be on Australian roads.

Recent Posts

Cracking down on retail theft – tactics for shoplifting deterrence

Cracking down on retail theft – tactics for shoplifting deterrence

As a small business owner, one of your biggest concerns may be the threat of retail theft. It’s un

Read More
The importance of budgeting, forecasting, and setting goals for your business

The importance of budgeting, forecasting, and setting goals for your business

If you’re like many business owners, you may find yourself struggling to understand what your fina

Read More
Financial best practices for small business

Financial best practices for small business

When you run your small business, you have a lot on your plate. That makes it tempting to let some t

Read More

Partners

Stay Connected

Sign up with your email address to receive news and updates