Remunerator News

Nov 6 2013

Federal Treasurer confirms Car FBT Rules Changes Offically Scrapped

Today the Federal Treasurer, Joe Hockey, offically scrapped Labor’s proposed changes to the treatment of FBT for cars.

Mr Hockey said that the “Car Industry is back open in Australia”

After months of uncertainty, this announcement provides clarity to the new Liberal Government’s view on the FBT enabling both Employees and Employers to recommence their Car Novated Lease Programs with confidence of no unexpected changes or surprises into the future.

In the Federal Treasuer’s Media Release, he states:

“During the 2013 election the Coalition pledged not to continue with Labor’s $1.8 billion Fringe Benefits Tax change that would make it harder for people to have a company or salary sacrificed vehicle. The Coalition Government today confirms it will not proceed with this measure.”

Remunerator congratulates the Government with this announcement and their approach to the whole issue.

Click here to view the Federal Treasurer’s Media Release