FBT Flashcards
1
Q
What is an FBT?
A
Excluded Income of an employee
Non-cash benefits
2
Q
What are the classified benefits?
A
Private use of Vehicle
Low-interest employment-related loan
Contribution to schemes
3
Q
What are unclassified benefits?
A
Other benefits not classified
4
Q
When are Vehicles an FBT?
A
When available for private us Excludes - When on call - When used for business travel - Work-related
5
Q
What is vehicle Private use?
A
- Travel Between work and home
- Travel of private benefit
- Availability - Not required to use
6
Q
What is a work Related vehicle?
A
Not a car
- Not designed to carry people
- Not vehicle with rear doors/ collapsable seats
- Permanently displays employers logo
7
Q
What is the taxable value of benefits?
A
The market value of benefit LESS employee contribution
8
Q
What is the value of the motor vehicle?
A
5% per quarter or 20% per year of cost
OR
9% per quarter or 30% per year of Tax value
Minimum $8,333
