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The simple
way to cope with fleet rule changes
Fringe Benefits Tax (FBT)
Recent changes to FBT sees the phasing in of a flat statutory fraction (20%), removing the
incentive for higher kilometres.
The
old method was deemed to be at odds with environmental issues.
For the time
being, 2 two schemes will effectively operate - one for cars “contracted” prior
to May 10th 2011 and another for
those delivered (or who’s contracts are amended) after that date.
Until the phasing in period is complete, this adds a little
more complexity.
Anybody using spreadsheets or in house systems
will need to
amend their formulas according to the new ATO rules.
However, those using Aus-e-Fleet FBT will be pleased to
learn that we have completed updates to handle the changes and the latest
release automatically calculates FBT under the correct method.
The only requirement is to populate the new, interim
fractions in the reference files. Being
the helpful people we are, when you upgrade we’ll do that for you if you ask!
The
modification is at no additional charge and if you haven’t
received the latest version give your Account
Manager a ring.
Fuel Tax Credit Rebate
As of 1st, July, 2011 the rate for vehicles over 4.5 tonnes that operate on
public roads has dropped to 15.043 cents per litre.
Clients who use the Fuel module have access to the Fuel Tax Credit
report to calculate their rebate for a defined period, for eligible vehicles.
To ensure your output is correct you will need to update the old rate. To do
this go to Fuel>>Reference Files>> Fuel Type>>highlight the fuel type and modify the rate.
Once complete you will be ready to produce accurate rebate reports under the new
rate.
For
further details and
eligibility for FBT and Fuel Tax Credits visit the ATO website
here.
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