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Tax Policy on the Run
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Tax Policy on the Run
In the lead up to the September 2013 Federal Election, spending promises are being met with a tax revenue increase as an offset, in an effort to keep the budget impact neutral.


The fringe benefits tax change, which is being proposed to pay for the removal of a
fixed carbon price a year earlier than planned, has been widely criticised.


 


One of the major criticisms is the lack of consultation.  The Henry review saw no reason to abolish the percentage method of calculating car fringe benefits.  That review was quite positive in that a default formula was reasonable to reduce compliance costs.  Legislation is in place to provide a single statutory vehicle use rate progressively, over the next few years.


 


Clearly the Henry tax review did not see this as a rort. 


 


There will be a higher compliance burden for some taxpayers and employees who are
provided with a vehicle.  Either pay a higher tax or complete a logbook for that 12 weeks worth of car travel to
support the business use.  (In the year already commenced?)


 


Employers should be starting to explain these potential changes to their employees with a vehicle, because
planning and a strong discipline will be needed to consistency record the
necessary information of a log - subject to the Federal Election result, and
election promises, and budget constraints.  Watch this space!


28th-August-2013