Employee Contribution Schedule workpaper (EMC)

The Employee Contribution Schedule (EMC) workpaper calculates the Fringe Benefits Tax (FBT) position for an employee's use of a company motor vehicle, tracking the vehicle's details, usage, and the employee contribution offsetting the taxable value.

Carrying forward prior-year data

Name, Vehicle Description, Registration number, Date first held, Original cost price, WDV at start of year, and Log book business use percentage are all carried forward from last year's EMC workpaper for the same vehicle, provided the vehicle wasn't sold in the meantime. A vehicle is treated as sold last year (and not carried forward) when its purchase date and disposal date fall in the same prior period.

●        Where a vehicle was added during the current year rather than carried forward, Name, Vehicle Description, and Registration are instead read from the purchase tax invoice.

Data extraction, current year

●        Date of the end of the FBT year and date the vehicle was sold: from the Depreciation Schedule's Disposal column for the FBT year (April to March), where a disposal exists; otherwise always defaulted to 31 March.

●        Original cost price or leased car value: for a new purchase, the invoice total including GST, less Registration/Rego and Insurance/CTP, since those are excluded from the FBT cost base.

Fields that always require human input

Note: Several fields in this workpaper are never auto-populated and are always flagged Human Intervention Required: Number of days the vehicle was privately used or available for private use, Odometer reading at end of year or when sold, Employee contribution (expenses paid), and Number of days in the holding period. These need the preparer to confirm with the client directly rather than infer from any document on file.

How to access

●        Go to Jobs and open the relevant job.

●        Click the Workpapers icon or navigate to Job Results then Workpapers.

●        Select EMC on the Workpapers Dashboard.