Electric Vehicle Deductions

Electric vehicle home charging expenses

The ATO has issued guidance on calculating the cost of charging an electric vehicle and provides a cents per kilometre rate of 4.20 cents (the EV home charging rate) which can be used to calculate electricity costs of charging an electric vehicle at a residential premises. The rate is multiplied by the total number of kilometres travelled by the electric vehicle in the relevant income or FBT year.

The Guideline will apply to zero emissions vehicles that use one or more electric motors to drive and are fueled by either an off vehicle electrical power source, a battery, an electric generator, or a hydrogen fuel cell. The Guideline will not apply to plug-in hybrid electric vehicles, which are not considered low emissions vehicles.