2016 FBT YEAR COMES TO A CLOSE

Tomorrow is a very significant day on the FBT calendar because the Fringe Benefits Tax (FBT) reporting year ends tomorrow. For employers who offer their employees fringe benefits, including their employees’ family or other associates, you’ll know what I’m talking about and if you’re reading this now, you’ve picked the right blog to read!

Here’s action points you will need to undertake if you are an employer or employee, respectively:

EMPLOYER:

1. Update your XERO accounts so all motor vehicle expenses are recorded up to 31st March 2016

2. Send us your information by 8th April 2016

3. If you are required to make a payment, due date is 28th May 2016

4. Unsure of whether you have any other FBT reporting obligations? Go through the Questionnaire we have sent you or contact us to discuss.

 

EMPLOYEE:

1. Take your ODOMOETER readings tomorrow as at close of business on 31st March 2016

2. Make sure you maintain a valid log-book. The log book must cover a period of at least 12 continuous weeks. These records are valid for five years provided there is no change in the pattern of usage of the car. Should the pattern of usage change, a new log book is required.

3. Complete the Car Fringe Benefit Employee Declaration as appropriate

4. Provide us with your annual business use percentage AND total number of days the motor vehicle was unavailable for private use in the 2016 FBT year.

5. Where applicable, make employee contributions to reduce your employer’s FBT liability to 0.

 

We are very excited to hear from you. Please contact us should you have any questions at all.

Posted on March 30, 2016 and filed under News, How To.