Fringe benefit tax on specific categories of benefits: Employer contributions to funds, insurance and superannuation schemes
Record keeping for employer contributions
To meet the requirements for fringe benefit tax on employer contributions to funds, insurance and superannuation schemes of employees, you must keep adequate records.
Requirements for all records
With all the records for employer contributions that are liable for fringe benefit tax, include:
- the date of the transaction
- the name of the employee receiving the benefit
- a description of the benefit provided
- the cost to the employee
- the cost to the employer.
Records for contributions to superannuation schemes
Your records for employer contributions to superannuation schemes must include:
- a copy of your approval letter from the Financial Markets Authority stating the type of superannuation scheme and the date of approval
- a list of the employees in the scheme
- a list of the amounts contributed for each employee.
Records for contributions to sick, accident or death benefit funds
Your records for employer contributions to sick, accident or death benefit funds must include:
- evidence of approval by the Commissioner of Inland Revenue
- the names of the employees in the fund
- the amounts contributed for each employee.
Records for contributions to life, pension, personal accident and sickness insurance policies
Your records for employer contributions to life, pension, personal accident and sickness insurance policies must include:
- the type of policy and the date it was taken out
- a list of the employees covered by the policy
- the premium amount paid for each employee.
The FBT guide gives more information on the records you should keep.
Date published: 03 May 2011
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