There was a collective ‘hooray!’ and a few fist bumps in the Vyro office last month when the NSW government announced that eligible new and used EVs will no longer be charged any upfront stamp duty. It’s been a painful process to manage for both us as a business and our customers who’ve had to claim their rebates.
So it’s great news all round. And we’re stoked to see NSW make this move, showing that they’re making the transition to zero-emission vehicle ownership easier and more affordable. We’d definitely love to see this kind of policy adopted Australia-wide.
Here’s what you need to know about NSW Stamp Duty Reimbursement and Exemption Scheme
As part of the NSW Government incentive, eligible new or used battery electric and hydrogen fuel cell light vehicles that cost up to $78,000 (dutiable value) from 1 September 2021 are exempt from stamp duty. This puts up to $3,000 back into the pocket of EV purchasers.
What’s changed recently? For eligible vehicles registered from 15 August 2022, the stamp duty exemption will now be applied automatically. This will save you from any upfront duty costs and from having to apply to the state government for a rebate.
If you registered an eligible electric vehicle between 1 September 2021 and 14 August 2022, you can claim back the stamp duty paid through the usual rebate process.
“We know that upfront costs are a major deterrent for many people considering buying an EV”, the announcement from NSW Government said, “The abolition of stamp duty, along with NSW Government’s significant rebate, will save new EV purchasers up to $5,540.”
By 2027 the government will impose a road-user tax of 2.5 cents/km, or once electric vehicles make up 30% of new car sales – whichever comes first. They currently make up less than one per cent of new car sales in NSW.
Read more about the eligibility criteria and application process here.
Who can apply for the stamp duty exemption?
New and used electric vehicles with a dutiable value up to and including $78,000 are exempt from stamp duty. For eligible vehicles registered from 15 August 2022 there’s no longer a need to claim back the stamp duty rebate.
If you registered an eligible vehicle between 1 September 2021 and 14 August 2022, you can apply for your stamp duty refund online through the NSW Government website here.
Which electric vehicles does it apply to?
As defined by the NSW government, the exemption applies to BEVs and FCEVs:
BEV – Battery Electric Vehicle
FCEV – Hydrogen Fuel Cell Electric Vehicle
This includes passenger vehicles, sports utility vehicles, light trucks/commercial vehicles and motorcycles.