Proposed changes to FBT on cars
In a recent press release, Treasurer Chris Bowen confirmed the Rudd Government’s decision to terminate the Carbon Tax and move towards a floating price a year earlier. To partially fund the loss of revenue, it is proposed to tighten the requirements for salary packaging a car under Fringe Benefit Tax (FBT) by abolishing the Statutory Formula method for arrangements entered into from the date of announcement. Those affected would need to use the operating cost method. The Statutory method would not be available for FBT years commencing 1 April 2014. The operating cost method requires those to keep log book of business use of the leased vehicle to be kept for a continuous period of 12 weeks in the first year. For arrangements entered into before the date of announcement the statutory method may continue to be used while the lease arrangement remains in place.
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