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.