Overview of FBT

Modified on Tue, 07 May 2024 at 10:54 AM


The FBT calculation in TaxLab is structured into three primary categories: Benefits, Motor Vehicles, and Employees.

The process of completing an FBT return starts with importing benefit and motor vehicle data, and allocating them to employees. Our system then computes the FBT and GST liabilities, consolidating them into the Tax Position.   

Following any necessary adjustments and the completion of the true-up process in quarter 4, the system generates the FBT return, ready for electronic submission via myIR or printing and manual filing with the IRD.

It's important to note that the guidance provided within this help centre is tailored to the IR420 quarterly return type. However, similar instructions are applicable to the IR421 and IR422 return types as well.

Add an FBT subscription to an entity

Once you’ve created your entity in TaxLab you’ll need to add an FBT subscription. 

  1. On your TaxLab homepage click the name of the Entity you want to add a subscription for.
  2. Select the Fringe benefit tax tab.
  3. Click the Add subscription button.
  4. Click Open Latest FBT Year.

Open a FBT return

There are two ways to access an entity's FBT return:

Access a FBT return

  1. On your TaxLab Home page, locate the entity.
  2. Click on "Open" in the Fringe benefit tax column associated with the entity.

Alternatively you can access the FBT return from the entity’s home page.

  1. On your TaxLab home screen, click the name of the entity.
  2. Navigate to the ‘Fringe benefit tax’ tab
  3. Click ‘Open latest FBT year’.

Both of these options will take you to the most recent FBT year you’ve opened. 

Open a new FBT tax year

  1. Open the entity’s FBT return.
  2. In the top right corner click ‘Goto’.
  3. Click the tax year you need to open.

What's next?

Check out our FBT import template article.

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