Fringe Benefits - Unreimbursed running costs?

Submitted: Saturday, Apr 01, 2006 at 23:46
ThreadID: 32438 Views:2648 Replies:5 FollowUps:2
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I've got some paperwork from the mob who run my salary sacrifice deal on my Fourbie.

I' ve had to declare the more than 25K for the year over the phone recorder thing but then I have some forms that allow me to send in receipts for unreimbursed running costs [excluding lease payments] that have not already been claimed. These are then able to reduce the taxable value of the motor vehicle and the employees FBT liability.

Everytime I try to speak to someone at the place that runs it I get someone who has English as a second language and I can't get the answer to the questions I need answered. No its not an Indian based call centre, its actually smack in the middle of downtown Melbourne.

Can anyone on here tell me if i submit the documents for the unclaimed costs, which totals about $1600, what does that do to my FBT liability?

How or where do I get the benefit of that reduced FBT liability? Do I end up with a cash return to me or a reduced bill somewhere else and if so which one is better for me.

To quote the papers that I have been sent the example given is [word for word]

"at the end of the FBT year the employee submits an amount of unreimbursed running costs of $150 which reduces the Taxavble Value of the vehicle calculated below:

Taxable Value $25,000 x %20 x 365/365 - $0 = $5,000

New Taxable Value $25,000 x %20 x 365/365 - $150 = $4,850

In this example the employees unreimbursed running costs of $150 reduces the employees FBT liability by $155 [* I think thats a boo boo and it should read $150]"

My eternal thanks if I get an answer that makes sense to me.

Point of interest my car has a taxable value of 56K and a statutory percentage of 11% and was available for every day of the year.

Thanks

Dave [Moneypit]
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