News & Events: Henry Review: The impact on super and salary packaged cars

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News & Events

Henry Review: The impact on super and salary packaged cars

Industry commentators have given a mixed reception to the Government response to the Henry Review, particularly in regards to proposed changes to superannuation and fringe benefits tax (FBT).

According to Pitcher Partners superannuation director Brad Twentyman, employers will have to find the extra 3.5% to fund the increased superannuation contribution following the Government's decision to increase compulsory employer superannuation contributions from 9% to 12% over a six-year period starting on 1 July 2013.

Twentyman said the cost to business will be in the order of $30bn to $35bn a year and the Government stands to collect in the order of $4bn to $5bn a year in extra contributions tax, with the Government's "contribution to the arrangement in isolation amounting to zero unless the company tax cut is factored in".

"The concept that increasing compulsory contributions from 9% to 12% will provide a great benefit to lower income workers is questionable.

"The increase in cost to the employer will most likely lead to an offsetting reduction in the employee's wage or an increase in costs which will make its way through to higher prices. Either way the employee is likely to be worse off each year through their working life."

Twentyman said the higher compulsory contribution rate should result in the employee having more superannuation when they retire. However, because of the income and/or assets means tests, the employee will likely receive less age pension as a direct result of their higher superannuation balance. He said they will most likely be better off in retirement, but not by nearly as much as is portrayed.

"Setting a maximum balance of $500,000 to access the higher concessional contribution rate of $50,000 from 1 July 2012 should also be questioned.

"The better response would have been for the Government to admit that from the perspective of someone over age 50, the decision last year to halve concessional contribution caps went too far. Including a maximum balance test just adds undue complexity to the system."

Salary packaged cars
It is also likely that changes to vehicle FBT proposed in the Henry Review could impact a significant number of businesses and their employees.

Mercer estimates that up to 84% of companies offer some form of vehicle benefit to their staff (Mercer Australian Benefits Review 2009), and the Australian Fleet Lessors Association (AFLA) March 2010 data suggests there are over 480,000 company provided/salary packaged vehicles in Australia.

Henry has suggested a number of changes that would affect these salary packaged and company provided cars, including a shift away from the complicated FBT formula which holds increased benefits for those who drive more kilometres, to a flat 20% FBT rate, regardless of mileage.

Danny Wilson, director of sales and marketing for specialist novated lease provider nlc, has commented favourably on this proposed change.

"We believe a flat 20% FBT rate would be beneficial in three ways," Wilson said.

"It would be good for employers, as it simplifies FBT, reducing the administrative burden of managing packaged vehicles and making the lease termination process more straightforward.

"It would be good for employees, as it retains and broadens the existing FBT benefit, making it fairer and more inclusive by providing access to those individuals who do not drive sufficient kilometres to benefit under the current legislation.

"Finally, it would be good for the environment, as it removes any incentive to increase vehicle use simply to reduce FBT, and thereby reduces a disincentive for people to use public transport in their daily commute."

At this stage, the Government has not commented on whether it will incorporate the recommended change to a flat 20% FBT rate in the Budget, due for release on 11 May.

Source: Human Capital Magazine