Published on 08 Feb 07
by VICTORIAN DIVISION, THE TAX INSTITUTE
With the reduction in individual tax rates many employees have stalled in their deliberations to have cars provided as fringe benefits. This paper looks at:
- what’s hot with car fringe benefits: why cars are tax efficient and what savings can be achieved
- opportunities and traps to watch for when completing the 2007 FBT return
- making savings by using the employee contribution method of calculating FBT
- carry forward of excess employee contributions
- when to swap between valuation methods for car fringe benefits
- novated leases - the how and why.
Andrew is the Partner responsible for the firm's Employment Tax Solutions Group in KPMG's Melbourne office. This group specialises in fringe benefits tax, salary packaging, WorkCover, Payroll Tax, Pay As You Go, group certificate reporting and the Superannuation Guarantee Charge. Andrew has wide experience in the provision of Employment Taxes advice to many of Australia's largest corporates, Victorian Government Departments and Victorian Government Enterprises.
Current at 29 May 2007 Current at 11 May 2009
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