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Tax Administration Act 1994

Information, record-keeping, and returns - Returns - Fringe benefits

46C: FBT returns for years

You could also call this:

"Reporting fringe benefits and paying Fringe Benefit Tax each year"

Illustration for Tax Administration Act 1994

You pay Fringe Benefit Tax (FBT) if you give your employees benefits like a company car. You must tell the Commissioner which payment option you choose. You have to give a return with details of the fringe benefits your employees got and how much FBT you owe. You must provide this return by a certain date, depending on which option you choose. If you choose the close company option, you must provide the return by your terminal tax date. If you choose the small business option, you must provide the return by 31 May after the end of the tax year. If you are linked to a tax agent and choose the close company option, section 37(4) and section RA 13(2)(a)(i) and (4) of the Income Tax Act 2007 apply to you. You are liable to pay the amount calculated by the due date.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1264505.

Topics:
Money and consumer rights > Taxes
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46B: FBT returns for quarters, or

"What you need to do for Fringe Benefit Tax returns each quarter"

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46D: FBT returns: changes in payment periods, or

"Changing payment times for company tax returns"

Part 3Information, record-keeping, and returns
Returns: Fringe benefits

46CFBT returns for years

  1. This section applies to an employer who pays their FBT liability under the close company option or the small business option. The employer chooses the relevant option by notifying the Commissioner.

  2. The employer must provide a return that—

  3. sets out the details of the fringe benefits received by each of their employees in the tax year or income year, as applicable; and
    1. includes a calculation of the amount of FBT payable on the taxable value of the fringe benefits in the tax year or income year, as applicable.

      1. For an employer who chooses to pay under the close company option, the return must be provided no later than the employer’s terminal tax date for the relevant income year. The employer is liable to pay the amount calculated by the terminal tax date.

      2. Subsection (3C) applies to an employer who—

      3. chooses to pay under the close company option; and
        1. is linked to a tax agent to whom section 37(4) and section RA 13(2)(a)(i) and (4) of the Income Tax Act 2007 apply.

          1. Repealed

          2. For an employer who chooses to pay under the small business option, the return must be provided no later than 31 May after the end of the relevant tax year. The employer is liable to pay the amount calculated by 31 May.

          Compare
          Notes
          • Section 46C: inserted, on (effective for 2008–09 income year and later income years, unless the context requires otherwise), by section ZA 2 of the Income Tax Act 2007 (2007 No 97).
          • Section 46C(3B): inserted, on (with effect on 1 April 2016), by section 314 of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).
          • Section 46C(3C): repealed, on , by section 46C(3C).