files/images/content/mainimage3.jpgfiles/images/content/mainimage4.jpgfiles/images/content/team2018cropped.jpgfiles/images/content/Partners_Cropped.jpg

Director Christine Cameron with local businessman Wayne Daniels.

Christine Cameron with Graham 'Snow' & Christine Kelly.

Our team.

Our Partners - Christine Cameron and Jenny Thompson

Motor Vehicle Fringe Benefits Tax Changes

The proposed change, recently announced by the current government, took effect from 16 July 2013 with the immediate removal of the 'Statutory Method' to calculate the fringe benefit on motor vehicles. The statutory method will only be available to contracts entered into before this date. All new contracts entered into on this date and after will require the use of the 'log book' method. This method is more complex and difficult in that it requires an employer to track costs relating to each separate car, and relies on the employees, who drive each vehicle, to adequately complete a log book for 12 weeks every four years, or whenever there is a significant change in the driving usage of the vehicle.

One of the largest areas to be affected will be to employees who 'salary package' cars with the benefits of the statutory method, which has given rise to a huge take up of vehicle salary packaging in recent years.

This will obviously have a large effect on employees who get the greatest benefit from the double combination of the Motor Vehicle FBT statutory concession and the further concessions available to those who work for charities and public benevolent institutions, which have the highest take up of motor vehicle salary packaging.

If you have any concerns of how this change will affect your business, please do not hesitate to contact us.

Business News

Latest Blog Posts

Contact Details

82 High Street, North Rockhampton, QLD 4701 
View location map

(07) 4928 0995
(07) 4928 0996
enquiries@maxcamaccountants.com.au

View full contact details

cpa   TaxInstitute      logo      logo                                                                               
        
Copyright Maxwell + Cameron © | Disclaimer | Site Map | Online software for accountants by Wolters Kluwer