Time To Review Your Fringe Benefits
The FBT year runs from 1st April to 31st March. Rumour has it that when this tax was introduced it was so regressive that it had to be an April Fools joke. Unfortunately after some 24 years it is still with us. Thank you Mr. Keating.
A fringe benefit is when you receive a benefit from your employer and have not paid tax on that benefit. The ATO believes it to be unfair that you get something they do not, so they tax you, at the top marginal rate. Most times the employer pays this tax but if you are self employed, you must pay. There are dozens of fringe benefits, including expense payment benefits, airline transport fringe benefits, living away from home allowance fringe benefit, entertainment fringe benefit, property fringe benefit, housing benefit and so the list goes on. Employees in the Health industry or employees of charitable organisations have it easy where fringe benefits are concerned as special rules apply to them and they get exemptions from paying the FBT up to a certain amount.
The most common fringe benefit is the use of a company motor vehicle and this is what applies to most self employed people whose business is conducted through a family company.
This tax is too complex to cover in the 500 words that will appear here but as the tax applies from 1st April there are certain things that must be done so as to meet legislative requirements.
With motor vehicles, the tax can be applied in several ways, it can be on distance travelled, ignoring the business/ private use of the vehicle, it can be on a percentage basis, identifying how much business use the vehicle gets as opposed to private use or it can be based on a simple 12.5% calculation of the cost base of the vehicle.
With any of these methods of calculation, the distance the car has travelled during the year must be identified. To do this an odometer reading should be taken. This information should be forwarded to your employer and the appropriate declaration signed. If you are self employed, and use a car (sedan) in your business you should forward the number to your accountant. The FBT act defines whether the motor vehicle is a car or not. If your motor vehicle is not a car then you may not be liable for FBT. The ATO web site identifies motor vehicles that are not cars and provided they are designed to carry a load of one tone or more, more than 8 passengers or if having a load capacity of less than one tone they are not designed for the principal purpose of carrying passengers, then they are exempt from FBT.
The important point here is if your company has sedans on its books, it must prepare a Fringe Benefits Tax return. So what you need to do is go outside, get the odometer reading, send it to your accountant and ask him/her, what is the next step. If the response is a dumb look, then you need to change accountants.…
Unfortunately a “one solution fixes all” does not apply to vehicle repairs. Instead, having a basis of knowledge that you can draw on about your car is vital. How important your car is can be enough to make you nervous when you think about repairs. That said, you’ll do better using these great tips.
When you are at the auto shop, ask a lot of questions concerning your car. What will they do to fix it? What is the problem? Engaging in preventative measures will likely save you money down the line.
Be aware of a mechanic who makes unneeded repairs to your car. Good mechanics will inform you if parts need replacing or will need replacing in the near future; however, they should not actually take the extra step and replace parts without your knowledge and approval. A mechanic who has performed this practice should never be patronized again.
Be sure that you know whether or not you have a mechanic that can help you with your vehicle. While most vehicles are made in similar ways, a lot of the time things are fairly different under the hood. If you don’t think he has, go to the dealer.
Replacing your own taillights and headlights is an easy way to save money. Hiring a professional to install new lights costs a lot of money. Ask whether someone you know can show you how to fix it.
You don’t necessarily have to visit your auto dealer to get work done. You should be able to find reliable mechanics in your area, either by going to a repair shop or an independent garage. If you have found a reliable mechanic, don’t hesitate to use them.
If you do not have a lot of money, but need auto repairs, you can visit a vocational school in your area to have the automotive department do repairs. You will pay a very low rate to have students fix your car while being supervised by a licensed mechanic.
Never let a mechanic tell you that you need to have your entire engine flushed as normal maintenance. This expensive service is only necessary if you have introduced the wrong fluids into your system or have not been changing the oil often enough.
If someone claims the parts they sell last a lifetime, run away. When mechanics use this claim, they are usually just trying to get you to spend more money unnecessarily. There are some cars that carry a “lifetime guarantee” for their transmission fluid: this is a perfect example. While this won’t have to be changed often, you will still have to change the fluid every 80,000 miles.
Original Equipment Manufacturer is the meaning of OEM. Remember this when you have car parts replaced. By communicating a preference for OEM parts, you appear knowledgeable and assertive. This will make someone less likely to try placing used parts on your vehicle.
Now you have more of a chance to have a great experience when you’re getting a vehicle repaired. Auto repairs aren’t always fun, but with the proper information, you can rise to the top. Use everything that this article has taught you and you’ll be more in control of getting auto repairs.…
Ideal Engines – Explanation of a Modern Brake System
This will be an attempt to familiarise you with a typical modern day brake system found on many passenger cars. The brake system I will be referring to has ABS brakes and is comprised of the following major components; the brake pedal, the vacuum brake booster, the master cylinder, a proportioning valve, front and rear brake hoses, front brake callipers, rear brake callipers or wheel cylinders depending on if the vehicle has rear drum or disc setup, brake discs, brake pads, and brake shoes. Those are the mechanical side of the brake system, the ABS portion of the brakes comprises of the ABS pump, the modulator valve, and the vehicle speed sensors.
Now, going down the line as they work they can be described a bit more fully. As you depress the brake pedal it is connected to a lever under your dash which goes through the vacuum booster and then into the master cylinder.Without the assistance of the vacuum booster the brake pedal becomes very hard and unresponsive, with the vacuum booster working properly the pedal depresses and pushes the plunger in the master cylinder to force brake fluid to build pressure in the brake lines.
As pressure is built up in the lines it travels through the proportioning valve which routes the right amount of fluid pressure to both the front and rear brakes. Without that valve the vehicle would not stop properly as because many vehicles are much heavier at the front than the rear, if they had the same pressure both front and back, the rear brakes would lock up and cause the back of the car to slide out because of loss of traction.
After passing through the proportioning valve the fluid is router to (front wheels- through the brake hoses and into the callipers)(rear wheels- through the brake hoses and into either wheel cylinders (drum brakes) or brake callipers) as the fluid compresses in the front brake callipers they cause the pistons to compress on the brake discs causing friction that in turn stops the vehicle. As the fluid goes to the rear it passes through brake hoses into either wheel cylinders or brake callipers, if it is a read drum system the brake fluid pushes out on the pistons in the wheel cylinders pushing the brake shoes against the inside of the brake drums creating friction to allow the vehicle to stop. If it is a rear disc brake set up them it works the same as with front discs.
The ABS or antilock brake system is an independent system from your normal service brakes, it is plumbed into the regular system and fluid does pass through it but it has its own design function all triggered by the vehicles speed sensors. If a speed sensor notices a tyre has come to a stop while others are still rotating it will stop adding pressure to the wheel that has stopped and actually release the pressure until that wheel begin to turn at the same speed as the other wheels on the vehicle. It then cycles itself in order to add fluid incrementally to all of the wheels to allow a controlled stop.
That is the most basic description of a current brake system that I can give without breaking down each part and making this a four thousand word essay, I think I will leave that for a later day.…
Forego the High Payment For A New Car and Pay Cash For a Used Part
Rusty October 4, 2022 ArticleForego the High Payment For A New Car and Pay Cash For a Used Part
With new vehicle prices soaring and the economy sagging, people are faced with a choice, purchase a new vehicle and struggle with a high monthly payment or maintain an older vehicle and save money. Today more people are making the decision to keep and maintain their current vehicle, rather than deal with a high monthly car payment.
While maintaining an older vehicle can save money, the price of the parts needed to maintain a vehicle can quickly add up, this is where used parts come in to play. Used parts cost on average 25 percent less than new parts.
Used parts, also referred to as refurbished parts, although less money, often come with comparable warranties to new parts. Warranties on used parts range from 30 days to 3 years and certain parts like engines and transmissions have a mileage stipulation. Many of the mileage stipulations follow new car warranties, such as: 3 years or 36,000 miles.
There are other benefits to using used parts besides saving money, maintaining a vehicle with used parts is a healthy choice for the environment. When parts are refurbished and reinstalled on another vehicle, the demand on natural resources such as aluminum, copper and oil are lessened. It is estimated that 85 million barrels of oil are conserved each year by the current amount of parts being reused.
Another environmental benefit of using used auto parts is that greenhouse gas emissions are reduced due do a lessen need for new “virgin” parts. The majority of greenhouse gases produced by part manufacturers are during the production of new parts and since used auto parts reuse the major part components, there is less need to manufacture parts like engine blocks and transmission cases.
Some vehicle owners are weary when it comes to purchasing used auto parts, fearing that the used part may not have the same quality and dependability as a new part. Used auto parts are rebuilt to meet or exceed the auto manufacturer’s original specifications.
Using used auto parts to maintain a vehicle is a no lose situation, maintaining an older vehicle relieves the burden of high monthly vehicle payments and is a healthy choice for the environment.…
Reasons for Car Crashes in Oklahoma
Traffic accidents are among the main reasons for death and injury in America. In accordance with the reports from the National Highway Traffic and Safety Administration, car accidents take place nearly every 8 seconds. Throughout Oklahoma, thousands of people are killed each year due to motor vehicle accidents and many more individuals are severely injured. Since cities such as Oklahoma continue to expand, population increases and traffic activities are becoming heavily congested. Some this congestion leads to negligent or reckless driving, which put the lives of motorists and pedestrians at risk every day.
During 09 alone, the police in Oklahoma responded to numerous incidents and 564 of this figure happened at the top ten hazardous intersections in the city. All these 10 intersections are situated on the western side where the traffic is extremely heavy. Three of the top dangerous intersections are Pennsylvania Avenue and Memorial Road, Interstate 240 and Memorial and Northwest Expressway and NW 63.
Last year, approximately 93 auto accidents occurred at the Pennsylvania Avenue and Memorial Road intersection, which included injury, hit-and-run, drug related, non-injury and drunk driving. NW 63 and Northwest Expressway intersection had 63 auto accidents during 2009 and the Memorial and Interstate 240 claimed the third spot for being the most detrimental intersection throughout Oklahoma.
Newly released research have revealed that negligent driving makes up about 81% of the car accidents which take place in this city. In some instances, the motorist might appear to be focused on other things besides what is happening on the road. In other situations, the drivers might be intoxicated from drugs or alcoholic beverages. The outcomes of an automobile accident might be long-lasting injury as well as death; however with safer driving practices those consequences could be definitely avoided. The police in Oklahoma City have recommended the installation of red light cameras around the higher accident regions, with the goal of lowering the amount of motorists who run the red lights and in so doing possibly stopping future incidents.…
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