06 Oct 1111 Reforms to car FBT rules
The Government has enacted legislation that makes changes to the statutory formula method for calculating car fringe benefits.
The legislation applies to all car fringe benefits after 7.30pm EST on 10 May 2011, unless it can be proved that there was a 'pre-existing commitment' in place to provide a car. A pre-existing commitment means a commitment to the application or availability of a car that was made prior to 7.30pm EST on 10 May 2011.
For more information from the ATO, go here