This detailed information will help you work out your fringe benefit tax (FBT) as you file returns in myIR.
You have 2 options to complete FBT returns in myIR:
- use my values (from your own records)
- use calculation worksheets.
Taxable benefits
If you’re using the calculation worksheet option, the taxable benefit amount is completed for you.
If you’re using the pooled alternate rate worksheet, use the change taxable amount toggle to enter your taxable benefits.
For the use my values option, enter the taxable fringe benefits from your records in the FBT calculation.
Quarterly returns 1 to 3
Enter the taxable benefits for the quarter (use my values option only).
Select the FBT rate 63.93% or 49.25% (alternate rate).
Enter exempt and/or zero-rated GST fringe benefits.
We calculate for you:
- taxable fringe benefits (if you’re using calculation worksheets)
- FBT to pay based on the rate you’re using
- GST on taxable fringe benefits less exempt and zero-rated benefits
- total tax to pay (FBT + GST).
If the GST amount is different to your calculations, you can use the Change GST amount toggle to enter your value.
Quarter 4
Enter the taxable benefits for the quarter (use my values option and pooled alternate rate).
For alternate rate calculations, use Change FBT to pay amount toggle to open the field and enter your amount.
Enter the amount of any exempt or zero-rated GST fringe benefits.
We calculate for you:
- taxable fringe benefits (if you’re using calculation worksheets)
- FBT rate
- FBT to pay (or your calculation)
- GST on taxable fringe benefits less exempt and zero-rated benefits
- total tax to pay (FBT + GST).
If the GST amount is different to your calculations, you can use the Change GST amount toggle to enter your value.
Income year and annual returns
Enter the taxable benefits for the period (use my values option and pooled alternate rate).
For alternate rate calculations, use Change FBT to pay amount toggle to open the field and enter your amount.
Enter the amount of any exempt or zero-rated GST fringe benefits.
We calculate for you:
- taxable fringe benefits (if you’re using calculation worksheets)
- FBT rate (defaults to 63.93%)
- FBT to pay (or your calculation)
- GST on taxable fringe benefits less exempt and zero-rated benefits
- total tax to pay (FBT + GST).
If the GST amount is different to your calculations, you can use the Change GST amount toggle to enter your value.