FBT changes
You have no credits left. To view this article subscribe to Business News.
You have used {{points}} and have {{current_points}} remaining. Your credits will reset on {{reset_date}}.
This article is part of a special report and is available to paid Business News subscribers only.
You can purchase access to this special report or subscribe to Business News.
You can purchase access to this special report or subscribe to Business News.
This article is premium content and is available to paid Business News subscribers only.
Subscribe to Business News.
Subscribe to Business News.
Tuesday, 22 April, 2003 - 22:00
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.