Road to a Successful Fringe Benefits Tax (FBT) Return in New Zealand

The majority of businesses provide their employees with benefits in some way, shape or form in addition to their salary and wages.

In New Zealand these benefits are often taxable, either for the employee as PAYE, or for the employer as a Fringe Benefit Tax. It is therefore important that employers review the benefits they provide to their New Zealand employees to determine whether they are subject to Fringe Benefit Tax or PAYE, or whether an available exemption from New Zealand tax can apply.

Fringe benefits refer to certain non-cash benefits provided by an employer to their employees or associates, in addition to their salary and wages. These benefits are often used by employers to attract, reward, retain and incentivise their employees.

New Zealand has enacted a Fringe Benefits Tax (FBT) regime intended to capture the value of any fringe benefits provided. The FBT regime is often criticised as being overly complex for a relatively small tax take. However, it’s role is to buttress against the PAYE regime to ensure the correct amount of tax is collected across all forms of employee reward and remuneration. It is therefore imperative that employers correctly record and apply the FBT rules as they apply to their respective businesses.

What are the key measured businesses can do to set themselves up for a Fringe Benefits Tax return?

Despite the complexity of the FBT regime in New Zealand, there are a number of simple measures businesses can do to set themselves up for a successful FBT return. Download our ebook today to guide you on:

FBT reporting requirements, lodgement date, tax rates and administrative considerations
FBT exemptions, concessions and other considerations
Who is really an 'employee' for FBT purposes
Learn more about fringe benefit categories
Common FBT valuation methods
Employer record keeping requirements
FBT policy framework considerations
Recent FBT updates in New Zealand
FBT checklist for New Zealand businesses
Useful links

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