The Government today announced that the statutory formula method for salary-sacrificed and employer-provided cars will be removed for new contracts entered into after today’s announcement, with effect from 1 April 2014.
Existing contracts that are not varied will continue to have access to the existing statutory rate throughout the contract.
The operating cost method is not affected
Fact Sheet: Office of the Treasurer
Example 1 – FBT Impact – Govt Announcement 16-07-2013