Vehicle Fringe Benefit Tax. Although such benefits are not taxed in the hands of employees, employers are liable to pay fringe benefit tax (fbt) on fringe benefits provided to their employees. The tax savings over four years from salary packaging the petrol car (100% subject to fbt) is $12,261 and can be used towards the balloon.
The value of this fringe benefit can be determined under either a general or special valuation rule (assuming the requirements are met), as explained later in this. Therefore, your usage of the vehicle will be approximately 55% for business and 45% for personal purposes.
The Company Car Fringe Benefit Should Appear On Your Payslip/ Irp5 Under Source Code 3802.
The monetary value of the fringe benefit shall be fifty per cent (50%) of the value of the benefit.
You Want A Nice Car To Reflect Positively On Your.
The value of this fringe benefit can be determined under either a general or special valuation rule (assuming the requirements are met), as explained later in this.
Therefore, Your Usage Of The Vehicle Will Be Approximately 55% For Business And 45% For Personal Purposes.
Images References :
Calculating Your Car Fbt Obligation Using.
It’s provided “in respect of employment”.
Although Such Benefits Are Not Taxed In The Hands Of Employees, Employers Are Liable To Pay Fringe Benefit Tax (Fbt) On Fringe Benefits Provided To Their Employees.
Information required if you lease the vehicle:
The Monthly Fringe Benefit Is Calculated By Taking The Cost Of Your Car.
