NEW POOL CAR REPORTING ARRANGEMENTS
18 April 2007
The following commentary provides employers with further insight into the implications of the new reporting requirements where an employer provides cars and which are shared by employees. You should especially note the circumstances where the new provisions may not be applied.
Car fringe benefits arising from pooled or shared cars are to be excluded from the FBT reporting requirement, with effect from 1 April 2007. Car fringe benefits arising from pooled or shared cars provided on or after this date will not be required to be recorded on the payment summaries of affected employees.
Employers will still be required to calculate and pay tax on the taxable value of any car fringe benefits provided in relation to pooled or shared cars during the FBT year, as per current arrangements.