The Federal Election for 2013 has been decided with the Liberal Party being elected into Government.
The significance of this result for employees, employers and for the future of novated leases is tremendous.
There has been much publicity about the Federal Government announcement on 16th July 2013 where it proposed to abolish the statutory method of calculating Fringe Benefits Tax (FBT) on salary sacrificed, company leased and company owned cars.
Subsequently, the Coalition announced on 19th July 2013 that they would oppose this suggested reform and would not support or make these changes if elected.
The Australian Government has announced that the fringe benefits tax (FBT) statutory formula method is to be abolished for all new contracts entered into from today.
Finance deals are big marketing tools in the car industry today, so we think it timely to throw some light on the subject.
Let’s expose some of the myths of the various ‘lucrative’ new car finance offers available through dealerships at present and uncover the truth behind them.