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Vehicle Fringe Benefits Tax Changes
by Acceptance Finance
Wednesday, July 20th 2011, 17:10 GMT+10:00
Australia
If you currently salary package or run company cars over the next four years the government will progressively replace the current FBT vehicle statutory rate to 20% . This will be applied regardless of the number of kilometers travelled in a year, as follows:
Statutory rate (multiplied by the cost of the car to determine a person’s car fringe benefit)
Distance travelled during the FBT year (1 April-31 March)
New contracts entered into after 7.30pm (AEST) on 10 May 2011
| Existing Contracts | from 10th May 2011 | from 1st April 2012 | from 1st April 2013 | from 1st April 2014 | |
| 0-15,000 km | 0.26 | 0.20 | 0.20 | 0.20 | 0.20 |
| 15,000-25,000 km | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 |
| 25,000-40,000 km | 0.11 | 0.14 | 0.17 | 0.20 | 0.20 |
| More than 40,000 km | 0.07 | 0.10 | 0.13 | 0.17 | 0.20 |
Employers will still be able to use the operating cost (or ‘log book’) method for valuing car fringe benefits as an alternative to the statutory formula method.
Giulia Polizzi – Leasing Manager ph # 03 9554 3556
For more information, see the following link from Pitcher Partners:
Fringe Benefits Tax Update - Impact on Novated Leasing
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