Stamp duty will be waived for electric vehicle purchases in NSW

The NSW Government has announced a stamp duty exemption for new and used electric vehicles which could save EV buyers up to $5500.

This applies to battery electric vehicles and hydrogen fuel cell electric vehicles in NSW that cost up to $78,000.

And the government is also backdating the exemption so if you registered an eligible EV between September 1, 2021, and 14 August, 2022, drivers will be able to claim back the stamp duty they have already paid.

The NSW Government is fully aware that the upfront purchase price has put EVs out of reach for many customers, but this new incentive may encourage more people to think of an electric vehicle for their next car purchase.

But Hybrid electric vehicles and plug-in hybrid electric vehicles are not part of this stamp duty exemption.

Stamp duty is usually paid when purchasing a new vehicle or when a previously registered vehicle has been sold and registered to a different person.

If that vehicle is an eligible EV and the sale took place on or after September 1, 2021, they will also be eligible for stamp duty refund.

Stamp duty is still payable if the EV purchase took place before September 1, 2021.

With the incentive applicable to vehicles up to $78,000, this makes a lot of new EVs currently available even more attractive to potential customers.

These EVs eligible for the stamp duty exemption include the Tesla Model 3 and Model Y base models, MG ZS EV, the Nissan Leaf, the Hyundai Ionic, the Hyundai Kona EV, the BYD ATTO 3 and the Polestar 2.