FBT changes

THE Federal Government has announced its intention to amend the Fringe Benefits Tax legislation to better reflect the change in effective life of cars for income tax purposes from 6.66 years to eight years. The change means the diminishing value depreciation rate for cars for FBT purposes will now be 18.75 per cent.

The proposed new rate applies to cars acquired on or after July 1 2002. Cars purchased before this will still depreciate at the old rate of 22.5 per cent.

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