You’ll need some information ready when you’re using worksheets to work out the taxable value of fringe benefits.
How to use the worksheets
You can use the myIR worksheets in your fringe benefit tax (FBT) return.
If you’re not using myIR, you can use:
- the online worksheets in 1 of our fringe benefit tax calculators for quarterly, income year or annual returns
- our paper worksheets.
You’ll need to transfer the results into your paper FBT return.
The worksheets can be used for both attributed and non-attributed (pooled) benefits.
Find FBT calculators and worksheets
Attributing benefits to individual employees
Motor vehicles
You’ll need:
- the calculation basis
- the vehicle amount for original cost, tax book value or tax value – Investment Boost
- if it includes GST or not
- the number of private use days
- the recipient’s contributions, if any.
To keep track of FBT for multiple vehicles, add the employee’s name, and the make, model and vehicle registration number.
You can also use the worksheet for pooled vehicles.
Ways to value motor vehicles for FBT
Calculating taxable value for private use of vehicles
Unclassified benefits and gift cards
You’ll need the:
- value of the benefit, before applying any limit
- recipient’s contributions, if any
- limit applied if the value of the benefit is not more than the limit.
If the benefit’s value is more than the limit, do not enter anything in the worksheet’s limit field. If the benefit’s value is equal to or less than the limit, you need to enter the benefit value in the limit field.
Limits are:
- quarterly returns per employee $300
- income year and annual returns per employee $1,200
- all employees $22,500 per year.
Do not include exempt or excluded unclassified benefits in the worksheet.
To keep track of unclassified benefits and gift cards, include the employee’s name and a description of the benefit.
You can also use the worksheet for pooled unclassified benefits and gift cards.
Limits for paying FBT on unclassified benefits
Exemptions and exclusions for unclassified fringe benefits
Unclassified fringe benefits and gift cards
Subsidised transport
You’ll need the:
- 25% maximum fare or employer cost
- recipient’s contribution.
Include the employee’s name and a description of the benefit.
Low-interest loans
You’ll need the:
- interest rate – the rate you charged on the loan balance
- year the loan was granted
- prescribed interest rate for the period- prefilled for you or market rate (if you are a bank or financial institution and you’ve ticked market rate)
- prescribed or market interest amount
- actual interest charged in the return period
- loan balance – at the end of the return period.
The taxable value of a low-interest loan is the difference between the actual interest on the loan and what the interest would be if this was calculated at the prescribed rate or the market rate.
To keep track of multiple loans, include the employee’s name (or pooled for loans to insurance policy holders).
Low-interest loans provided by employers
Employer contributions to funds, insurance and superannuation schemes
You’ll need the taxable value – the amount of the contribution you made for each employee or pool.
Include the employee’s name for attributed benefits, the name of the fund, trust, insurance or superannuation scheme.
For pooled benefits, you can also include the number of employees in the pool.
Read a list of the contribution types and more information.
Employer contributions to funds, insurance and superannuation schemes
Worksheets for full alternate, short form and pooled alternate rate calculations
The alternate rate calculation worksheets are available for quarter 4, income year and annual returns.
If you file quarterly returns and have chosen to use the alternate rate in any of the first 3 quarters for the tax year, you have to use 1 of the alternate rate calculation worksheet options in quarter 4. The pooled alternate rate worksheet is also used for the short form option.
For information and examples, go to Part 7 - How to complete alternate rate calculations in myIR of the Fringe benefit tax guide – IR409.
Remuneration worksheet
The remuneration worksheet is only required if you file quarterly or annual returns, and when you filed your quarter 4 or annual return in the last year you:
- did not have all the remuneration (income) details for shareholder-employees or employees receiving attributed income from a company or trust that is their employer
- used the alternate rate of 49.25% in that FBT return.
For the last year you’ll need:
- the employee’s income
- the total fringe benefits provided to the employee
- the amount of FBT paid (on the employee’s benefits).
For information and examples, go to Part 7 – How to complete remuneration adjustments in myIR in the Fringe benefit tax guide – IR409.
When you have your information
When you have all the information you need to complete your worksheets, you’re ready to work out the benefits' taxable value and file your return.