XXXXXXXXXXX FBT Year End Liability
CARFLEET PTY LTD
PO Box 373
RUNDLE MALL SA 5000
Phone: 1800 680 180
Fax: 08 8111 7799
www.epacsalarysolutions.com
FBT Year 1/04/XXXX - 31/03/XXXX
Novated Lease - Statutory Method Employee Contribution
Package ContractID XXXXX
Lease ContractID XXXXX
Employee
Vehicle
XXXX XXXXXXXXX
NISSAN X-TRAIL 4D WAGON ST-S 40th ANNIVERSARY T30
MY06 (MANUAL)
Registration
Employer FBT Status
Date Vehicle was first held
XXXXXX
Taxable
17/1/XXXX
Date Vehicle ceased to be held
Base Value (A)
$27,492.00
Period Car Held
Commencing on
01/4/XXXX
Terminating on
31/3/XXXX
Number of days car held within FBT year
Less Days not available for private use
Number of days benefit provided (C)
Number of days in FBT Year (D)
KM's at commencement of benefit / start of FBT year
366
0
366
366
5244
KM's at termination of benefit / end of FBT year
18,460
KM's travelled
13,216
Annualised KM's travelled (based on days held)
13,216
Statutory fraction (B)
Prima facie taxable value (A x B x C/D)
Less Employee Contribution (E)
26.00%
$7,147.92
$7,147.92
Taxable Amount
Taxable value of benefit (A x B x C/D) - E
$0.00
Grossed up value using Type 1 rate (2.06470)
$0.00
FBT Liability (at 46.50%)
$0.00
Total FBT Payable
$0.00
Reportable Fringe Benefit Amount (RFBA)
$0.00
(If the Taxable Value (before gross-up) exceeds $2,000 then the RFBA must be disclosed on the
employees's PAYG Payment Summary)
XXXXX XXXXXXXX FBT Year End Liability
CARFLEET PTY LTD
PO Box 373
RUNDLE MALL SA 5000
Phone: 1800 680 180
Fax: 08 8111 7799
www.epacsalarysolutions.com
FBT Year 1/04/XXXX - 31/03/XXXX
Disclaimer
CarFleet has relied on a number of assumptions and has estimated the taxable value of the benefit based on
information provided by employees and makes no assurance as to the accuracy of the information. Employers
should not rely on the FBT Year End Liability Report calculations and should perform their own calculations to verify
the taxable value of the benefit provided to the employee.
With regard to the calculation of the Employee Contribution it should be noted that CarFleet does not confirm such
figures with the Employer's payroll records and that it is the responsibility of the Employer to confirm such details.
The payroll records will determine the correct employee contribution, not CarFleet's calculations or package
information.
The calculations contained in the FBT Year End Liability Report have been compiled in good faith. No warranty or
representations as to the accuracy of the calculations are made and liability for any loss or damage resulting from
any reliance on the information or for any errors in calculation or any omissions is expressly excluded. The FBT
Year End Liability Report should be used as a guide only.
Assumptions
In preparing the FBT Year End Liability Report we have relied on a number of assumptions including, but not limited
to, the following:
Employers meet all running costs of the vehicle.
Any FBT liability of the Employer as a result of providing benefits to the Employee is normally reduced to nil by
employee benefits. CarFleet has assumed that the Employee is not entitled to any other fringe benefits (this impacts
whether the relevant PBI exemption or rebate is available, and whether there is a reportable benefits amounts above
the $2000 threshold)
The Employer is a Company and can claim full input tax credits against vehicle expenses. CarFleet has assumed
that the Employer is entitled to GST input tax credits for the cost of the benefit (this may impact the gross up rate)
Vehicle Leases are fully novated from the employer to the employee pursuant to Ruling TR 1999/15 ‘Income tax and
fringe benefits tax: taxation consequences of certain motor vehicle lease novation arrangements'. Vehicle Leases
are not hire purchase transactions for the purpose of Division 240 of the Income Tax Assessment Act 1997.
Motor vehicles are available for the private use of Employees every day of the relevant FBT year.
All calculations are based on FBT rates for the year ending 31/03/XXXX