As May rolls around, it’s time to tackle fringe benefit tax (FBT). With final FBT returns due soon, it’s crucial to understand your options for calculating FBT and choose the best one for your needs. Let’s break it down:
In the early 2000s, FBT attribution was common. But when the highest tax rate was removed in 2010, many reverted to paying FBT at the flat rate of 49.25%. However, with the return of the 39% top personal tax rate in 2021, more taxpayers are seeking ways to save on FBT costs.
Recent polls show that while some opt for full attribution or ‘short-form’ options, others still pay at the flat rate due to lack of understanding or time. Here’s the solution: outsource! Our team at Outside can handle your FBT calculations at a fraction of the cost, ensuring maximum tax savings. Don’t miss out—contact us today!
Your Outside Team
Need a bit of assistance with your business? Contact an Outside Accounting team member today and learn more about our fixed fees. You won’t regret it.
Aside from business consultation, we are business accountants Wellington who offer accounting, bookkeeping, payroll services designed to help you achieve greater financial success.
You can click here to speak to a business, accounting and bookkeeping firm. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
Address: Level 2, 182 Vivian Street,
Te Aro, Wellington 6011, New Zealand
Mail: PO Box 24-457, Wellington 6142
Phone: 04 889 2975
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