FBT Class Homework

nicoleac

International Base Metals Ltd (IBML) decides to lease a carwhich it provides to CEO from 1 July 2013 to 31 March 2014. CEO has traveled12,000 km in that time. The cost of the car, shown in the lease documents, is $50,000. CEO pays $ 3,000 from his own pocket as an employee contribution. CFOdecides to use the statutory formula method of calculating the FBT.  IBML claims input tax credits for the leasepayments.

Questions:

As a chief accountant, can you advise CFO how much FBTpayable need to pay to ATO?

eugenesissi

FB taxable amount = (50,000 * 20% * 273/365 – 3000) * 2.0647
                         = 4479.45 * 2.0647
                         = 9249 (round to full $)

nicoleac

eugenesissi 发表于 2014-12-22 09:32
FB taxable amount = (50,000 * 20% * 273/365 – 3000) * 2.0647
                         = 4479.45 * 2.0647
                         = 9249 (rou ...

Very good , could you please tell me how much we need to pay ATO?

eugenesissi

admin 发表于 2014-12-23 04:31
Very good , could you please tell me how much we need to pay ATO?

FBT = 9249 * 46.5%
      = 4301 (round to full $)