Thank you....I follow your videos regularly from India.... working with Australia based CPA firm remotely from India ...thank you for your efforts

Thank you for your Webinars!!! Can you please do one on FBT with Salary Packaging - An employee buying a car - how much tax is saved and cost to the employer

Always appreciate your webinar

Hi Derek, thank you so much for your video and it’s really amazing and helpful and please keep doing it because we love your video!!!!👍👍👍 unfortunately my company has this issue of never done a logbook or fbt return for two company owned sedans, does that mean we have to lodge all the previous years fbt return using only statutory method? That will be lots of money to pay for employees contributions and will ATO penalise for late lodgement too? Many thanks!!!🙏🙏🙏

@TwelveAccounting

4 ай бұрын

The ATO does require an actual logbook if you want to use the operating cost method, otherwise you have to use the Statutory method. Having said that, a few years ago i had a client who was audited by ATO (income tax audit) and didn't have a logbook. maybe we got a reasonable person from the ATO, but we were able to show the client still had the same car, their current business was the same and therefore usage of the car hadn't changed over the past 3 years. They agreed to let my client keep a log book for the next 13 weeks and provide that as evidence of usage going back 3 years (obviously the percentage miraculously worked out to be almost exactly what he had claimed). derek

@evawan9065

3 ай бұрын

@@TwelveAccountingThank you very much Derek and I totally agree with you!!! We have to try our best to do the correct things so I will check with management tomorrow! Thanks again and you’re so wonderful ❤❤🙏🙏

If we have written off the car in 22/23 do we need to still do FBT?

@TwelveAccounting

2 ай бұрын

YES. FBT rules use a 'deemed' depreciation and a 'deemed' interest rate to calculate the FBT, even if you have fully written off the car and you don't have any finance. The FBT is calculated on the original cost (Plus GST), not the written down value. derek

@Phonesub

2 ай бұрын

@@TwelveAccounting appreciate your response