The newly released Motor Vehicle Dealers’ version of easyFBT includes the Motor Vehicle Dealer Cars workpaper and several new reports. This version calculates your car’s fringe benefits taxable values using the special motor vehicle dealer pooling method as set out in Taxation Ruling MT 2023.
The Motor Vehicle Dealer Cars workpaper allows you to create separate pools of cars, for example, you could create a new demonstrator motor vehicles pool and used car stock of motor vehicles pool for vehicles that are available for private use of your employees and then, using weighted averages, easyFBT calculates each driver’s proportion of the fringe benefits tax attributable to each of these pools.
The Motor Vehicle Dealer Cars workpaper is made up of three sub-tabs:
- MV Dealer (Pool Summary): used to set up each car pool required;
- MV Dealer (Vehicles): used to assign vehicles to car pools; and
- MV Dealer (Drivers): used to assign drivers (employees) to car pools based on actual usage of any car in a pool.
You can create any number of separate motor vehicle dealer car pools and then assign vehicles and drivers to each of them. Each driver's private usage of cars in a pool is entered using either the Quarters or Days private use method. Based on the private usage calculated, the driver’s taxable value will then be assigned to each driver in the pool using the total average base value of all cars in the pool multiplied by the statutory fraction of 20%.
There are several reports that are available in the Reporting Manager which should assist with your record keeping purposes also.
If you are a Motor Car Dealer that provides trading stock cars to employees for their private use and would like further information on this new version of easyFBT for Motor Vehicle Dealers then please contact us at email@example.com.