Stamp Duty Reimbursement and Exemption For NSW EV Owners

Here’s what you need to know about NSW Stamp Duty Reimbursement and Exemption Scheme.

 

In a move that saw air fist pumps around the AEMC office, the NSW government has announced that eligible new and used EVs will be reimbursed for the stamp duty paid on electric and hydrogen fuel cell vehicles that cost up to $78,000 (dutiable value). This announcement also included that all EVs up to the value $78,000 are now exempt from stamp duty entirely. 

“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.” 

Pretty great news, hey? We are stoked to see NSW make this move, showing a dedication to an environmentally conscious future for Australia, and backing of EV ownership. We would definitely love to see this kind of policy adopted Australia wide. 

Environment Minister Matt Kean said about the scheme, “We’re charging up the nation to make NSW the Norway of Australia when it comes to electric vehicles.“

By 2027 the government will impose 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.

Here is everything you need to know about stamp duty reimbursement for NSW EV owners. 

Who can apply for stamp duty exemption? 

New and used electric vehicles with a dutiable value up to and including $78,000 are exempt from stamp duty.

And any NSW resident of business registering these vehicles on, or after 1st September 2021 will be exempt from stamp duty on that registration. 

Which electric vehicles does it apply to? 

As defined by 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 yes, motorcycles. 

What if I own an EV bought or registered before the due date?

If you have purchased an eligible vehicle and registered the vehicle after 1st September 2021, you will be eligible for a stamp duty exemption. Stamp duty will still be payable if you bought or registered a vehicle prior to 1st September 2021. 

I am buying/registering an EV and there is still a stamp duty fee? 

Yes, keep in mind that this is a reimbursement scheme. You will still be required to pay stamp duty upon registering a vehicle after 1st September 2021. You can then apply for a stamp duty refund through their application portal. 

How do I apply for a refund? 

The refund portal is now open, you can apply for your stamp duty refund online through the NSW Government website here.

What do I need to apply for my stamp duty refund? 

  1. Current NSW Drivers Licence which matches the registration details. 
  2. Certificate of registration (Shows registration number, registration history, registered owner, vehicle sue, VIN and duty paid amount). 
  3. Proof of registration entitlement. 

When will stamp duty be refunded?

If you application is submitted successfully, Revenue NSW will review the application will take approximately 15 days to process. 

If a stamp duty exemption is granted, it will be transferred to your nominated back account within 5 business days of notification of successful application.  

Are businesses eligible for the stamp duty refund? 

Yes, the exemption is available for both personal and business. If you are applying as a business, you will need to provide 

  1. Transport for NSW customer number 
  2. Copy of NSW drivers licence of the business contact person 
  3. Copy of the Certificate of Registration 
  4. Company name 
  5. ABN, ACN or ABRN etc. 
  6. Business contact details. 

We’re excited to see EV owners get a pat on the back for making the switch to a sustainable vehicle future, and a huge pat on the back to NSW Government for introducing these exemptions.

If you are ready to make the switch to electric vehicles and want to get your hands on an electric motorbike, get in touch with the team at AEMC. In a recent article we compared the costs of owning gas bikes vs electric bikes and this announcement calls for some amendment in EVs favour. 

You can also read a break down on stamp duty for electric vehicles in your state in another one of our articles here. 

What do you think about governments introducing incentives for EV owners?

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