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IRD are looking to target fringe benefit tax (FBT) compliance starting in April 2022, with a particular interest in motor vehicles. Have you been calculating your FBT correctly?
FBT on Company Vehicles
When a company makes a vehicle available for an employee (including a shareholder-employee), the company will be subject to fringe benefit tax (FBT). This applies whether or not the vehicle is actually used for private purposes.
Our Recommendation
Inland Revenue are quite strict about the FBT rules. If you fail to establish the right ownership structure, or do not have the right documentation, the FBT cost to your company could be significant. We suggest that we get together to find the best way to legally minimise your FBT exposure.
For more information contact us.
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