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Tax on company cars



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FROM THE DEPUTY LEADER OF THE OPPOSITION THE HON. PHILLIP LYNCH, IWI.P. ^ λ.Ί £

The Deputy Leader of the Opposition, Mr. Phillip Lynch,

announced today that a Liberal-Country Party Government would revise the new tax formula applying to motor vehicles provided to individuals by their employers.

Mr. Lynch condemned the new tax formula as excessive and economically unjustified.

"It imposed a substantial tax increase on thousands of Australian employees such as sales representatives, tradesmen and company executives. .

"The tax was a further setback to business confidence and community incentive. . '

"It would provide an additional impetus to wage and salary '

demands and add directly to business cost structures.

"Its introduction was simply a further element in the price pushing process throughoutv; the economy.

Mr. Lynch warned that the new tax would also depress future sales of new passenger vehicles.

"It would exacerbate the- employment prospects of the Australian car industry.

"Around 40 per cent of the Australian new car market was made up of fleet car sales and therefore affected by the new tax.

"It was clear that the tax was contrary to the reduction of · both inflation and unemployment.

"It should be revised immediately."