FBT Module Set Up

 

 

 

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.

 

Reference Name

Description

Examples

Deemed Depreciation

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

FBT Tax Rates

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

Gross Up Factor

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

Statutory Fraction

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

Statutory Interest Rates

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

 

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.


 

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.

 

 

See also:

Logs module

Logs module set up


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

End of Chapter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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