What is an FBT year?
FBT is calculated based upon the FBT year which runs from 1st April to 31st March. What is the employee contribution?(E) A post-tax payment made by the employee towards the cost of the benefit reduces the taxable value. The payment must actually have been made within the current FBT year before it can be taken into account. The employee contribution includes any non-reimbursed payment of car expenses (registration, insurance, repairs, fuel etc.). In order to obtain this FBT reduction against liability, documentary evidence must be supplied ie fuel receipt for vehicle detailing the date, amount paid and supplier.
Related Questions
- In a case where the expenses are capitalized and amortized over a period, whether FBT will be payable over the whole of the amount capitalized or restricted to the amount amortized during the year?
- o If my employer reimburses me over a two year period for the cost of a notebook, can my employer provide me another notebook to me in the second FBT year as an exempt benefit?
- What is my FBT bracket, when I don’t have the car for the full FBT year (1 April to 31 March)?
