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Online FBT quarterly return (IR420)

The following information supports the online FBT quarterly return. You can find this and all our other interactive forms at "Get it done online", "Work it out" and "Forms and guides". 

Panel B - IRD number and DLN number

When you send your FBT return to us, we use the IRD number, DLN number and your balance date to:

• put your return directly into our computer system
• confirm that the person sending the return is authorised to do so.

If any of this information doesn't match with our records there will be a delay in processing the return and sending the assessment. We may need to phone you to ask which business and year the return was intended for.

If you don't have the DLN number, please call us on 0800 377 772.

Panel C - Is this your final FBT return?

If this is your final FBT return, you have ceased employing staff and do not intend to employ any more staff in the current income year, click on the yes box.

Options for completing your final return

You have the option of using either the applicable single rate for the year of this return (this will populate depending on the period you entered at Panel C) or the alternate rate option. If you elect the alternate rate option you have the choice of the "full" alternate rate calculation process, or the "short form" alternate rate calculation process.

Full alternate rate calculation

You'll need to do a separate calculation for each employee who has received attributed benefits. All attributed benefits are subject to the individual employee's personal tax rate All non-attributed benefits are subject to the single rate of 49% (or the applicable single rate for the period of this return (64%, 61% or 59%) where one or more of the recipients of the benefit is a major shareholder-employee). Two pools for the benefits may be necessary in this situation. This option would appeal to employers who predominantly provide benefits to employees who earn less than $70,000.

Short form alternate rate calculation

All attributed benefits are subject to the single rate applicable for the year of this return (periods prior to 1 April 2009 - 63.93%, periods between 1 April 2009 - 31 March 2010 - 61.29%, periods after 1 April 2010 - 58.73%) All non-attributed benefits are subject to the single rate of 49% or the applicable rate for the year of this return (periods prior to 1 April 2009 - 64% periods between 1 April 2009 - 31 March 2010 - 61% periods after 1 April 2010 - 59%) where one or more of the recipients of the benefit is a major shareholder-employee). Two pools for the benefits may be necessary in this situation This option would appeal to employers who predominantly provide attributed benefits to employees who earn more than $70,000 gross equivalent. Our online Fringe benefit tax alternate rate calculator will assist in working out the FBT payable for either option.

Due dates for final return

If you are filing your final FBT return in quarters 1, 2, or 3 the due date is extended to the end of two months immediately following the end of the quarter in which employment stopped.

Panel D - Taxable benefits for this period

In the first box enter the GST-inclusive taxable value of all fringe benefits which are liable for GST, ie all benefits except financial services, loans and overseas travel.

In the second box enter the taxable value of all fringe benefits which are not liable for GST, ie financial services, loans, overseas travel and life insurance polices.

Panel E - Which FBT rate are you using?

In quarters 1, 2, or 3 you have the option of using either 49% or the applicable single rate for the year of this return (except where you have told us this is your final return - then you must use the alternate rate calculation). If you elect to use the 49% rate in any of the quarters 1 to 3, you must use the full or short-form alternate rate calculation when completing your fourth quarter return.

If you elect to use the applicable single rate (64%, 61% or 59%) in all quarters 1 to 3, you have the option of using either the single rate or the alternate rate in your fourth quarter return.

Panel F - Fringe benefit tax to pay or refund

In quarter 1, 2, or 3 the amount of fringe benefit tax payable will be calculated automatically (except where you have told us this is your final return), as will the GST on the taxable value of fringe benefits.

If you elect the single rate in the fourth quarter (you used the single rate in quarters 1 to 3) the amount of fringe benefit tax payable will be calculated automatically, as will the GST on the taxable value of fringe benefits.

If you elect the alternate rate option in the fourth or final quarter, the GST on the taxable value of fringe benefits will be calculated automatically, but you will need to enter the fringe benefit tax to pay or refund from your alternate rate calculation sheet in the first box in Panel F.

 

 

Date published: 13 May 2009

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