DATE ISSUED: 07/01/99
BOAT, MOTOR VEHICLE, AND AIRCRAFT DEALERS:
Effective January 1, 2000, beginning with your December 1999 return, the threshold requirements and percentage used to calculate your monthly estimated tax payments change.
Alternative Method for Year 2000 Estimated Sales Tax Payment
Boat, motor vehicle, and aircraft dealers have an alternative method available for calculating and paying their estimated sales tax. This method is used to calculate Line 9 (monthly estimated tax payment) on your Sales and Use Tax Return (Form DR-15).
To qualify for the alternative estimated sales tax method, a dealer must have made at least one sale of a boat, motor vehicle, or aircraft with a selling price of $200,000 or more in the previous state fiscal year (July lst through June 30th).
How To Apply
Dealers must apply before October 1st each year and be approved by the Department to use this alternative method. To apply, complete and mail Form DR-300400 (Boat, Motor Vehicle, or Aircraft Dealers Application for Special Estimation of Taxes) to:
FLORIDA DEPARTMENT OF REVENUE
You may obtain Form DR-300400 and other Department of Revenue forms from the Department's Web site at: http://www.myflorida.com/dor/ or from Fax on Demand (see details below).
Alternative Method of Calculating Estimated Tax
In addition to filing Form DR-15, dealers approved to use the alternative method will be required to:
Electronic Funds Transfer (EFT) and Electronic Data Interchange (EDI) requirements have not changed.
SPECIAL NOTE: If approved to use the alternative method described above, dealers will be required to pay estimated tax using ONLY this method for each month of the entire calendar year.
Alternative Estimated Tax Calculation Example
A yacht dealer reported taxable sales in the previous state fiscal year of $3,000,000. Three boats were sold for prices more than $200,000 each, for a total of $750,000. The net sales were $2,250,000 for the previous state fiscal year.
DO NOT UNDERESTIMATE. Underpayment of estimated tax will subject you to penalty and interest.