Vehicle Classification Report
taxabl vehicle classification reports provide you with the confidence of confirming whether your fleet vehicles are cars or motor vehicles - an essential distinction for both input tax credit claims on acquisition and your annual FBT process.
Providing an automated compliance solution, we utilise a range of data sources including state transport authority registration data and direct manufacturer and industry databases to assess your vehicle classifications.
This information, when considered in application of the relevant legislation and ATO guidance, quickly and confidently provides you with the confirmation of how your vehicles should be treated for FBT purposes.*
Read more about why this matters here.
At the price of $65 (+GST) per vehicle, our reports offer great value.
A sample report deliverable can be found here - we can also provide this as an excel workbook to assist your advisor or preparation team.
With an increase in ATO audit behaviour, continued focus on appropriate tax governance and risk process frameworks as well improved data matching programs between the ATO and state transport authorities, there has never been a more important time to get your FBT compliance right.
Plus, by confirming your vehicle classifications, you may be able to access FBT concessions and exemptions you didn’t realise you were eligible for, reducing your annual FBT liability and saving your business tax dollars. Read our case study here to find out how this might help your business.
Our how.
Fleet Data
All we need from you is the vehicle registration details (i.e. license plate and registered state).
We’ll do the rest.
If your vehicles have any modifications, we’ll need to know that too.
Automated Workflow
We run your fleet data through our automated workflow which cross references the registration data you’ve provided to state transport authority registration databases.
We use this data to align with our manufacturer and industry databases, providing the relevant vehicle details required to assess your vehicle classifications.
Finally, we scenario test this data against the FBT and Income Tax legislations as well as relevant ATO guidance to arrive at our final report.
Reporting
The outcome of our testing, we will deliver a report to you (or your advisor) identifying your vehicles as either ‘cars’ or ‘motor vehicles’. This classification is used to input into your FBT preparation software or work papers and will determine the appropriate methodology used to calculate the taxable value of the benefits provided or validate the input tax credits claimed.
This report should be held in your tax files as evidence you have undertaken appropriate testing to determine the class of vehicle in your fleet, and the relevant benefit types that you have provided to your employees.
* the information on this website is provided as general advice only and should not be considered financial or taxation advice. Taxabl recommends that you seek independent advice from your tax advisor or accountant to ensure you are correctly applying the vehicle classification reports to your specific needs.