FBT for cars - 31 March 2022 Calculator

FBT for cars calculator 31 March 2022 Calculator

This calculator is the ultimate tool in calculating Fringe Benefits (FB) on cars for the year ended 31 March 2022. Quick, simple and easy, it has the following features:

1. It automatically calculates the FB regardless of when the vehicle was acquired, ie for pre May 2011 vehicles,
2. It uses two ways to check if a log book is valid based on the log book dates,
3. It allows for non-car vehicles such as motor bikes and vespas,
4. It allows for four different types of FB reimbursement,
5. It calculates the Type 1 or Type 2 Gross up needed for the FBT return,
6. It calculates the Gross up needed for Payment Summaries,
7. It summarises the FB reimbursed (if any) to agree to the financial statements,
8. It minimises the amount of data you need to enter to calculate the FB,
9. It contains warning messages to alert you to incorrect data entered and 
10. It allows you to enter hyperlinks to source documents.

However the true value of this calculator is where it calculates whether it is better to cash in the FB or to actually pay the FBT. This allows you to work with your clients to discuss which way is the better way for employer and employee.

Finally we include an Australian Taxation Office (ATO) approved declaration for employees who drive exempt vehicles to complete and sign.