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1. Reference Files
1.1 More>>Reference Files>>FBT
To/From date ensure the correct values are applied automatically.
When published rates change, add a new line with relevant To/From dates rather than editing existing values.
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Reference Name
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Description
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Examples
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Deemed Depreciation
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•Published by the ATO
•Determines the depreciation of the vehicle and fitted non-business accessories to be included when using the Operating Cost method
•"Owned" includes Hire Purchase
•Enter the rate and from/to purchase dates between which the interest rate applies, according to ATO rules
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FBT Tax Rates
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•Published by the ATO
•Used to calculate the tax liability of the vehicle from its grossed up taxable value
•Enter the FBT year E.g. 2020, and the start/end dates for the FBT year. At time of writing, Australian FBT years run from 1st April to 31st March
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Gross Up Factor
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•Published by the ATO
•Used to convert the taxable value to the grossed up taxable value
•Two rates can be entered; Type 1 if a GST credit is available, Type 2 if no GST credit is available
•Mouse over the "?" to see reminders of Type 1 and 2
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Statutory Fraction
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•Published by the ATO
•One factor in determining the taxable value of the vehicle
•For arrangements with a commitment date of 01/04/2014 or later a single fraction of 20% applies
•For arrangements with an earlier commitment date, a transitional scheme is applied
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Statutory Interest Rates
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•Published by the ATO
•Determines the interest to be included when using the Operating Cost method
•It replaces any actual interest occurred and also applies to non-business accessories fitted
•"Owned" includes Hire Purchase
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1.2 Reference files>>Personnel>>Contribution Types
Tick the contribution types that need to be taken into account when calculating FBT.
Then, when employee contributions are entered in Fleet>>Ownership and Allocation or Personnel>>Employee Contribution (manually or via an interface), AusFleet will consider them appropriately calculating FBT.
The other flags here are not used from version 8.1 onwards.
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2. Parameters
More>>Parameters>>Flags & Settings>>100
Choose whether to apply Gross Up Factor 1 or 2.
3. Other
3.1 Identify Vehicles as FBT Applicable
Fleet>>MMSB, Categories and Fags>>Flags
To assign assets as FBT applicable and activate FBT calculations, details must be completed appropriately in Fleet module.
km target does not affect calculations but is retained as it is still used for internal purposes by some clients.
Commitment date is essential as the date from which FBT applies.
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See also:
Logs module
Logs module set up
End of Chapter
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