Fringe Benefits Tax (FBT) - 2019

Car Fringe Benefits

If you provide a business vehicle to any employee, please retain and provide the following:

  • Odometer readings for all vehicles at the beginning and end of the FBT year (1 April 2018 & 31 March 2019 respectively).

  • We will rely on prior year logbook percentages unless you advise otherwise.  If there is no logbook, then the statutory formula method will be applied to determine the fringe benefit value.

  • If you have purchased a new car between 1 April 2018 and 31 March 2019 please provide a copy of the invoice.

We also remind you that if you have not completed a logbook in the last 5 years or if the pattern of business use for your vehicles has changed, a new logbook should be completed for the required 12-week period.

If you require a new logbook, they can be collected from our office or alternatively, there are many logbook apps available for download. It may also be beneficial if you don’t already have a log book to complete one to help reduce the fringe benefit value of vehicles in the upcoming year.

Expense Payment Benefit

Please consider if you have provided employees with payment of any private expenses such as electricity, gas, house rates, insurance, housing loan payments and telephone expenses. If so, please record the details of the benefit and provide to us.

Entertainment Benefits

Please consider staff events (eg. Christmas and end of year parties) and record details relating to numbers in attendance, costs and location.  Also consider if any staff gifts were provided and record details to whom they were provided.

Should you have any further queries please contact us to discuss your situation.

Ruth Woolcock