ARTICLE · 27 JULY 2011

Car Fringe Benefit reforms received Royal Assent

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Discusses the Tax Laws Amendment (2011 Measures No. 5) Bill 2011 which received Royal Assent on 29 June 2011.

AustraliaTax

Michael Van Schaik

Peejade Cheng

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Tax Laws Amendment (2011 Measures No. 5) Bill 2011 (the Bill), which details changes to the statutory formula method in calculating the taxable value of car fringe benefits, passed all stages of parliament without further amendment and received Royal Assent on 29 June 2011 .

The Bill was previously referred to the Senate Economics Legislation Committee for further scrutiny.

For further details on changes to the valuation of car fringe benefits provided under the statutory formula method please refer to the following articles:

"BN – Car Fringe Benefits Reforms"

"Update on proposed FBT measures".

"FBT Overhaul for Cars"

This publication is issued by Moore Stephens Australia Pty Limited ACN 062 181 846 (Moore Stephens Australia) exclusively for the general information of clients and staff of Moore Stephens Australia and the clients and staff of all affiliated independent accounting firms (and their related service entities) licensed to operate under

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