How is fbt on a vehicle calculated

Tax Technical. Tax Policy. About us. Contact us Contact us Media queries. Fringe benefit tax. Gather your information You will need: the tax book value or original cost of the vehicle number of private use days recipient contributions, if any.

Enter the details into our calculator You can now work out all your FBT on one calculator depending on how you file. Fringe benefit tax quarterly calculator. Select the rate and add GST-exempt or zero-rated fringe benefits Select either the standard rate or alternate rate.

Add any GST-exempt or zero-rated fringe benefits. Copy the results into your FBT return. Other ways to do this You can also use our worksheets. Fringe benefit tax taxable value calculation sheet - quarterly. Fringe benefit tax taxable value calculation sheet - income year.

The statutory FBT method is based on how much the vehicle costs rather than how much it is being used privately. The number of days available for private use is also taken into account. So if a car was not provided to the employee for the full year, the taxable value is reduced. It requires a business to use logbooks to record how much each vehicle is used for work and private use. Until now, keeping a logbook has always been seen as a laborious task and why many have opted to use the statutory method.

A key advantage of this method is that it provides for a lower taxable value when employees use their cars regularly for work purposes. This means if they use the car more for work than privately, you pay less in fleet FBT. A logbook must be maintained for a period of 12 consecutive weeks for each vehicle and detail:.

The logbook is then valid for the next five years, provided there is no meaningful change in the business pattern of use. This could either be by paper or electronic over a three month period. Check out this comparison of the two FBT methods. Using paper logbooks can quickly become an administrative nightmare, which is the reason many businesses have traditionally opted for the easier, yet more costly, statutory FBT method.

But this means you could be leaving money on the table. It records time, data, mileage and the nature of the trip at the touch of a button — saving significant time and money. No more filling in paper logbooks and hours of admin!

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Call us today! Investors Careers Help Login. Get the most accurate information to minimise your FBT claims. What is vehicle FBT? Wich FBT method to choose? A logbook must be maintained for a period of 12 consecutive weeks for each vehicle and detail: The purpose of each trip How many kilometres were travelled during each trip Whether the journey was work-related or private The logbook is then valid for the next five years, provided there is no meaningful change in the business pattern of use.