Episode 47, the next budget, is up for consideration. Planning for the budget commenced in January. To keep pace with legislative changes is omnipresent for salary packaging, business distribution of goods and services and sales.
Electric vehicles have changed standards for emissions. Emissions are challenging for petrol or diesel-based cars to reach and removing them from the FBT exemption was a political deal done in Australia to move away from all legacy fossil fuel technologies. In Europe, the Euro 6d rule reduces emissions further per kilometre.
In Australia, the luxury car tax from 1 July 2025 (more than $76,950) will apply unless the vehicle uses less than 3.5 litres for every 100 kilometres. Reporting and planning for costs across the business occur in budgets. Budgets prepared several months ahead provide a start for management and accountants to understand whole-of-business impact.
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