When is fbt reportable

In addition, the grossed up value of the fringe benefit may be used to determine certain income tested government benefits such as the family tax benefit and the parental income test for the youth allowance. It may also have an effect on childcare payment arrangements. Whilst DHOAS is classified as a reportable fringe benefit there are occasions whereby the benefit may be considered non-reportable. DHOAS will not appear on payment summaries if you are an active reservist, have been afforded war-like credits maximum of 60 months and been deployed on 23AG and or 23AD.

You can keep track of your YTD salary and wage information through a myGov account. Follow the below steps to create a myGov account:. At the end of the financial year you can access your income statement via myGov. If you use a registered agent to lodge your tax return, they will have access to your income statement. You can still access your payment summaries for previous years via StaffLink. When Paul first started, Jim let him use the van for non-work purposes at the weekend.

Jim decides this is costing his business too much. These are taxed via ESCT. You pay FBT on the cost of the benefit to the employee, eg the cost of the car for the portion of time it's available for personal use. When you first start giving your employees the benefit, you need to register for FBT with Inland Revenue. You can register online or by calling Inland Revenue. FBT categories external link — Inland Revenue. If you're still not sure how FBT works, it's worth getting professional advice.

If you find out too late that you should have been paying it, it can result in a big bill. Your choice might be limited depending on the type of company you have and how much tax you pay each year.

Offsetting expenses against income can help with your tax bill. Skip to main content Skip to page navigation. Fringe benefit tax If you're providing special perks to your employees, like gym memberships or work vehicles for personal use, you're likely to be liable for fringe benefit tax FBT. Find out what you need to know on this page, and test yourself with our quiz. Facebook Twitter LinkedIn Email.