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回复 sofiwy 80# 帖子
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one query re reimbursement of MV (employee contribution), coud you pls show a simple example on how to calculate GST payable for employer ?
Based on how the contract is signed between the employer and the fleet management/salary packaging provider, there are number of ways processing the GST. The following is one way of doing:
1. Assume the monthly finance cost, running cost and other costs is $1210 in total. The employee is on monthly pay. The employer deduct full amount, claim GST refund and then pass back to the employee.
2. Car base value $33,000, statutory rate 20%. Hence the FBT taxable value (which is employee contribution required) is $6,600 per year or $550 per month.
3. The monthly salary deduction is split to $550 post tax and $660 pre tax deduction.
4. The fleet management provider issues monthly tax invoice or the novation agreement indicates the agreement itself is to be treated as valid tax invoice. Upon the payment from the employer to the provider, $1100 can be treated as purchase and $100 is GST on purchase.
5. The fleet management provider issues another statement for the employee contribution as it is a payment made by employee to employer, $550 should be treated as sales and $50 is GST on sales.
6. The employer claims $110 back whilst pays $50 GST. Effectively the net GST refund is $60.
There are different process of the salary deduction, payments and GST refund. Some employers only deduct $600 from employees’ pre tax income and $550 from post tax income. Some others might deduct $1000 only, then adjust later, etc.
also, is that PSI limit up to 1 car claim pa ?
Do you mean how much cars you can salary packaged when earing PSI? No, as long as you can afford and tax effective, you can have multiple cars. Used to see people having more than 3 cars at the same time.
if the car is exempt from FBT, say ute, means no need to keep logbook ?
Was about to write you a complete long answer but maybe better not to complicate the issue here so the answer is no. Section 8 of FBTAA didn’t have any substantiation requirement about the exemption.
An employee's private use of:
• a taxi, panel van or a utility designed to carry less than one tonne, or
• any other road vehicle designed to carry a load of less than one tonne (that is, one not designed principally to carry passengers) is exempt if the employee's private use of such a vehicle is limited to:
_ travel between home and work
_ travel incidental to travel in the course of performing employment-related duties, and
_ non-work-related use that is minor, infrequent and irregular (for example, occasional use of the vehicle to remove domestic rubbish).
However, it might be the employer’s requirement for a logbook and personally a logbook is recommended, as in case the exemption is denied, you may still use Operating Cost Method.
If the ute is a vehicle other than car, similar rule applies. |
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一年纪 (2006-7-26) yeerfrid 
楼主:simonwang
发表于 2012-5-2 21:37
