Certified Practicing Accountant
Regi. Tax agent & Regi. ASIC Agent
jason@taxcodeaccounting.com.au
 
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2012-13: Fringe Benefit Tax & Car

The Government announced that the current statutory formula 4-percentage rate scale method for valuing car fringe benefits will be replaced with U-Boat Replica a single statutory rate of 20%, regardless of the number of kilometer travelled. The changes will apply to new vehicle contracts entered into after 7:30pm (AEST) on 10 May 11, and will be phased in over 4 years. People who use their vehicle for a significant amount of work related travel will still be able to use the \\\"operating cost\\\" or \\\"log book\\\" method to ensure their car fringe benefit excludes any business use of the vehicle.