If you own a company and you provide certain Special perks and benefits to your employees then you are liable to pay FBT on then the benefits you provide.
These special perks include work vehicles for personal use, gym membership, discounted Goods and services, or any other special benefits.
FBT does not apply to necessity services e.g salary and wages, cash bonuses, employee allowances.
It’s simple, a company pays FBT on the portion of the amount that is used for its employees’ personnel benefits.
A company needs to register for FBT as soon as one starts giving benefits to their employees.
NOTE: Inland Revenue is required for filling FBT
A COMPANY CAN RETURN FBT VIA 3 OPTIONS :
One can choose the options depending on the type of company they own and how much tax they return annually.
A big problem everyone faces is that the rules for FBT payments change regularly, and the Procedure is quite hectic & hard for a normal person to understand.
At The Good Kiwi, we keep up to date with the latest tax trends, enabling us to provide accurate advice on preparing FBT returns. We can also advise on the FBT consequences of proposals you intend to make, ensuring you make informed decisions.
Rather than paying excessive amounts of FBT, let the experts answer your tax queries. We can help you develop and complete the administration for a cost-effective employee benefit plan.
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