{"id":4059,"date":"2023-12-13T10:47:26","date_gmt":"2023-12-12T22:47:26","guid":{"rendered":"https:\/\/accelerateonline.blog\/?p=2461"},"modified":"2024-02-06T13:01:04","modified_gmt":"2024-02-06T01:01:04","slug":"fringe-benefit-tax-exemptions-you-may-have-missed","status":"publish","type":"post","link":"https:\/\/www.bdsaccountants.co.nz\/issue-44-february-2024\/fringe-benefit-tax-exemptions-you-may-have-missed","title":{"rendered":"Fringe Benefit Tax exemptions you may have missed"},"content":{"rendered":"\r\n

Last April, new Fringe Benefit Tax (FBT) rules came into effect that could be relevant to your business and employees.<\/p>\r\n\r\n\r\n\r\n

Here\u2019s a summary of the three new exemptions that may have gone under your radar:<\/p>\r\n\r\n\r\n\r\n

    \r\n
  1. Employer-subsidised public transport (mainly for the purpose of travelling between home and work).<\/li>\r\n\r\n\r\n\r\n
  2. The provision of self-powered (bicycles) or low-powered vehicles (such as scooters) for work-home travel.<\/li>\r\n\r\n\r\n\r\n
  3. Employer contributions toward \u2018vehicle-share services\u2019 used for travelling between home and work.<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n

    What this means for you<\/h4>\r\n\r\n\r\n\r\n

    For all three exemptions, employees will need to use their benefit mainly for the purpose of travelling between home and work.<\/p>\r\n\r\n\r\n\r\n

    A reasonable amount of private use will be allowed (for example, taking a bike to the supermarket).<\/p>\r\n\r\n\r\n\r\n

    Exemptions won\u2019t be granted for self-powered or low-powered vehicles not suited to commuting (for example, high-end racing bikes).<\/p>\r\n\r\n\r\n\r\n

    The FBT exemption applies at the time the benefit is provided, so if an employee changes their travel habits at a later date, employers and employees won\u2019t be penalised.<\/p>\r\n\r\n\r\n\r\n

    What it means for your FBT returns<\/h4>\r\n\r\n\r\n\r\n

    The FBT exemptions will give your business more options as you consider remuneration and benefit packages. For example, you could offer employees a generous bike to work scheme, taking advantage of the new rules.<\/p>\r\n\r\n\r\n\r\n

    They\u2019re worth exploring as they could help your business achieve sustainability and environmental goals, and entice your staff back to the office.<\/p>\r\n\r\n\r\n\r\n

    If you make benefits available to employees, you should be mindful of these exemptions when processing FBT returns.<\/p>\r\n\r\n\r\n\r\n

    If you\u2019re in doubt about FBT exemptions, please talk to us.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

    Last April, new Fringe Benefit Tax (FBT) rules came into effect that could be relevant to your business and employees. Here\u2019s a summary of the three new exemptions that may have gone under your radar: What this means for you For all three exemptions, employees will need to use their benefit mainly for the purpose …<\/p>\n","protected":false},"author":2,"featured_media":4069,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[662],"tags":[666,667,668,669,670],"yst_prominent_words":[145,154],"yoast_head":"\nFringe Benefit Tax exemptions you may have missed - BDS Chartered Accountants<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bdsaccountants.co.nz\/issue-44-february-2024\/fringe-benefit-tax-exemptions-you-may-have-missed\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fringe Benefit Tax exemptions you may have missed - BDS Chartered Accountants\" \/>\n<meta property=\"og:description\" content=\"Last April, new Fringe Benefit Tax (FBT) rules came into effect that could be relevant to your business and employees. 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