Author: Allen Knight
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NZ FBT calculation changes for 31 March
Inland Revenue has updated how FBT calculations work to accommodate new tax bands and enhance accuracy, with changes impacting 31 March 2025 and 31 March 2026 returns.
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Upcoming changes to Inland Revenue correspondence
Starting March 2025, Inland Revenue will update correspondence titles for clarity, requiring workflow adjustments for self-built myIR automations.
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Minimising FBT in 2024
2024 FBT rates remain unchanged, but using attribution and de minimis can help employers in New Zealand minimise their tax liabilities effectively.
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Industry veteran Mike Behling joins TaxLab Australia
TaxLab appoints Mike Behling as Senior Product Manager to enhance tax compliance software for Australian firms, leveraging his extensive experience.
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Navigating high FBT rates: Solutions for 2023
2023 FBT rates remain high, but using attribution calculations can significantly reduce tax liabilities for New Zealand employers.
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Essential FBT return documentation
New Zealand employers should accurately identify and document fringe benefits quarterly to avoid FBT return errors and ensure compliance.
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FBT rates soar in 2022
FBT rates increased significantly on April 1, 2021, with the single rate rising to 63.93%. Employers should utilise attribution calculations to minimise their FBT costs for the 2021-2022 tax year.
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FBT on car parks
Recent discussions on a proposed “carpark tax” have highlighted existing Fringe Benefit Tax (FBT) rules for employer-provided car parks and exemptions.
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Changing your FBT filing date
Employers providing fringe benefits must file FBT returns regularly, with options for quarterly, annual, or income year filings. Quarterly is the default, but employers can elect to change their filing method by specified deadlines. Late elections are invalid, potentially leading to penalties. Elections can be made online, but changes to quarterly returns require a phone…
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FBT due dates explained: Your essential guide
In New Zealand, FBT quarters remain consistent with the standard income tax year, which ends on 31 March. Returns for the first three quarters must be filed within 20 days of the quarter’s end, while the fourth quarter offers a two‐month filing window.