AADA is pleased to report on recent government advice regarding planned changes being introduced to fringe benefits tax as it applies to car parking. This is an important issue for members and was the subject of a Supplementary Pre-Budget Submission which we prepared, detailing the unintended consequences to the automotive industry.
The Government has now acknowledged that the proposed changes do not reflect the policy intent of the law and has agreed to restore the previously understood interpretation.
This is a positive development for Dealers and employees as many would have faced increased tax liability.
The AADA will be working with the Government and the various taxation experts in our industry on this consultation process to identify appropriate modifications to the definitions in order to properly reflect the policy intent of the law.
Further details are available in the Government’s media release.