Car Fringe Benefit Taxation about to Change
A Bill has been introduced into Parliament to simplify the method for determining the taxable value of car fringe benefits. Broadly, the change will introduce a flat 20% rate to replace the current method which, according to the Government, encourages people to drive their vehicles further than they need to in order to obtain a larger tax concession.
TIP: The changes affect salary-sacrificed or employer-provided vehicles. If you think the changes affect you, please contact our office.
