A vehicle provided by your company has the obvious benefit that you won't have to pay any income tax on earnings before shelling out for a car yourself.
The announcement effectively unwound many of the rules that afforded no tax on earnings within super or on pension income payments from superannuation.
Of the 130,000 people with balances over $1.6 million, about 75 per cent are aged over 60, and so qualify to move into pension phase and pay no tax on earnings.
Yes these wealthy taxpayers will receive the maximum benefit of lower tax on earnings between $80,000 and the new threshold of $87,000, taxed at 32.5 per cent rather than 37 per cent.
