Get a tax break for cycling to work? Sound like a fairy tale? Well not if you live in the UK. The British government has made it possible to get a tax break of up to 53% on the purchase of bicycles and accessories. You can learn more about the scheme here.
Think it’ll never happen in Australia? Well don’t be so sure! The government has launched a preventative health taskforce, and one of its targets is to reduce the rise in obesity. It is recommending initiatives that reward employers through grants and tax initiatives for workplace measures that result in a healthier employee base.
So perhaps allowing people to salary sacrifice for bicycles is positive step towards meeting this health goal. Interestingly enough, a number of cycling groups recently suggested this tax break in their submission to the Henry Tax Review.
So do you reckon that the salary sacrifice of bicycles is a good idea? It would be a good health initiative that is also good for the environment. Plus, the tax savings could be delivered through existing salary sacrifice arrangements, so would not require a costly government run scheme.
Let’s run a little poll and see what you think.
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Deven
