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Calculate car benefits using both the Statutory Formula and Operating Cost methods to evaluate the method that produces the best result for the client. The results will prefill to the FBT Summary worksheet and to the appropriate employee summary sheet to assist in the preparation of PAYG Summaries.
Vehicle Vehicle Description Registration number Date that motor vehicle was first held Latest date of: or Earliest date of: or (1) date of the beginning of the FBT year (2) date when vehicle was purchased (1) date of the end of the FBT year (2) date when vehicle was sold
Enter employee name here Enter employee name here
Number of days vehicle was held during the FBT year Statutory Formula Method Original cost price of vehicle or leased car value (GST inclusive amount) Base value of car ("A") Number of days vehicle was privately used or available for private use ("C") Number of days in the FBT year ("D") Odometer reading at beginning of year or date of purchase Odometer reading at end of year or when sold Kilometres travelled (or annualised kilometres travelled) Statutory Fraction ("B") Gross Taxable Value = (ABC)/D Operating Cost Method Is the vehicle leased (Yes/No)? Number of days in the holding period - i.e. number of days that the vehicle was held for the purpose of providing a fringe benefit (s162 - typically the period owned during the year) WDV of motor vehicle at start of year or purchase cost (not for leased vehicles) WDV of motor vehicle at end of FBT year ATO Benchmark interest rate for 2011 Operating expenses incurred during the holding period: Deemed depreciation Imputed interest Lease payments Petrol and oil - paid by employer Petrol and oil - paid by employee Repairs and maintenance - paid by employer Repairs and maintenance - paid by employee Registration Insurance Other Expenses Total Operating Expenses Log book business use percentage Log book FBT year Gross Taxable Value Summary Method which provides the lesser fringe benefit Gross taxable value under this method Less: Employee contribution - expenses paid Employee contribution - cash Employee contribution - loan account reimbursement Taxable value of benefits Gross-up rate Grossed-up fringe benefit Was GST claimed on the original car purchase? $ $ $ $ Total Expense (Excl. GST) GST Claimed by the Employer?
$ 6.65%
Apportioned Expenses
$ 6.65%
GST Claimed by the Employer? Apportioned Expenses
$ $
$ $ $ $ $ $ $ $ $ $ $
$ $
$ $ $ $ $ $ $ $ $ $ $
Type 1 Benefits
Value of Benefits Employees 7-12 Less Employee Contributions Taxable Value of Benefits Employees 7-12 $
- Gross Taxable Value - Employee Contributions - Value of Reductions Taxable Value of Benefits
Type 2 Benefits
$ $ N/A $
$ $ N/A
Value of Benefits Employees 7-12 Less Employee Contributions Taxable Value of Benefits Employees 7-12 Statutory Formula Method $
Gross Taxable Value Employees Contribution Value of Reductions Taxable Value of Benefits Gross Taxable Value Employees Contribution Value of Reductions Taxable Value of Benefits $ $ N/A $ $ $ N/A $ - Gross Taxable Value - Employees Contribution Value of Reductions - Taxable Value of Benefits - Gross Taxable Value - Employees Contribution Value of Reductions - Taxable Value of Benefits $ $ N/A $ $ $ N/A $ -
FBT - Electronic Workpapers 2011 - Compatibility Version_r257436.xls Copyright 2006-2009 Business Fitness Pty Ltd