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COMPANY PROFILE
AUTOSCRIBE
FBT Savings Calculator
The FBT Calculator spreadsheet enables individuals or companies to calculate the potential savings that they will achieve by switching from the Statutory Formula method of FBT assessment to the Operating Cost method.Page 1 (Input) details the elements that need to be taken into account when determining Operating Costs. Note that each of these elements can be adjusted to reflect individual circumstances, ie if your vehicle has a purchase price of $25,000, simply enter this figure into the relevant cell of the spreadsheet. Similarly with interest rates, residual values, fuel costs, servicing charges and so on.
Page 2 (FBT Costs) provides a table of the Operating Cost FBT assessment based on the values you have provided in Page 1. Simply estimate the annual distance that you travel, and the % private use that you drive, and find the appropriate cell.
Page 3 (Operating Cost Saving) provides an estimate of the saving that should be accrued by using the Operating Cost assessment instead of the Statutory Formula method. Note that in certain situations there is NIL saving. This is because the saving is dependent on a combination of annualised distance and business/private % use of the vehicle. In approximate terms, the greater the distance travelled, and the greater the percentage of private use, the less likely you are to achieve savings.
Page 4 (Savings graph) reflects the Operating Cost savings in graphical format. The savings are stepped to reflect the tax band boundaries under the Statutory Formula method, ie vehicles driven up to 14,999 kms attract a 26% tax impost; from 15,000- 24,999kms this reduces to 20%; from 25,000- 39,999kms this reduces further to 11%; and 40,000+kms attract only a 7% tax.
Page 5 (Thresholds) estimates the business % required to save either $120, $500, $1000 or $2000 at various annualised distance travelled.
Page 6 (Thresholds graph) reflects Page 5 in chart format.
DISCLAIMER: Please note that these figures are to be regarded as indicative only. Hyperion Technology makes no representations as to their accuracy or otherwise for individual circumstances. It is recommended that you seek independent verification from your accountant or financial adviser as to the assumptions contained in this spreadsheet.