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Company Car Tax?

Company Car Tax?

Old May 16th 2008, 1:45 pm
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Default Company Car Tax?

Hi all!

Have done a search, but nothing came up!

I am a company car drive in the UK, and as such, get taxed a ridiculous amount of money for the pleasure!!!!

When I move to Australia, I will be probably doing the same job, and should get a company car.

I was just wondering if workers were penalised in Oz for having a company car, and if so, what level of tax it is???

Thanks in advance for any comments!
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Old May 16th 2008, 8:13 pm
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Default Re: Company Car Tax?

Not sure, but I was in the same position.

I think that you should pay some tax...but my company run it more like a pool car so I don't pay any. If I get questioned about personal uses, I can just say that I use my camper van!

Also they pay all the fuel....
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Old May 16th 2008, 9:59 pm
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Default Re: Company Car Tax?

We (well hubby) dont pay Company Car Tax here in Oz, he has a new car and all petrol paid even for personal use and so far we haven't paid any tax.

I think it is taxed and its called 'Fringe Benefit Tax' but his company pay it not us. Look up fringe benefit tax on the ATO website.

We have only been here since Jan so hoping that we wont get any big shocks come the end of the tax year!
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Old May 17th 2008, 9:01 am
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Default Re: Company Car Tax?

Great stuff guys, interesting information!

Will have a look into it more though.
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Old May 17th 2008, 9:42 am
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Default Re: Company Car Tax?

Originally Posted by NatD1978
Great stuff guys, interesting information!

Will have a look into it more though.
Like most areas of the Aussie tax system it's pretty complicated.

Fringe Benefits Tax (FBT) will be payable. The amount will depend on how much of the use of the car is personal & how much is for business - you'll need to keep a log book and record each and every journey.

To make it more complicated, and I have no idea why, the 'FBT year' runs from April - March whereas the tax year runs from July - June!

http://www.smartcompany.com.au/Growt...rs%20and%20FBT
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Old May 17th 2008, 5:27 pm
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Default Re: Company Car Tax?

Yes FBT will be due, but this is payable by the employer not the employee.
Its is complicated but the ATO website explains it.
Dont worry the system is better than UK tax wise for company cars
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Old May 17th 2008, 10:14 pm
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Default Re: Company Car Tax?

Yeah...sorry I forgot that its paid by the company not the employee
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