- Chapter 1 – Background
- Chapter 2 – Collection of Income Tax on Fringe Benefits
- Chapter 3 – Categories of Fringe Benefits
- Chapter 4 – Valuation of Category 1 Fringe Benefits
- Chapter 5 – Valuation of Category 2 Fringe Benefits
- Chapter 6 – Valuation of Category 3 Fringe Benefits
- Chapter 7 – Exemptions
- Appendix A Forms
- Appendix B Electronic Lodgement File Format
- Appendix C Car Fringe Benefit Calculator
Appendix A – Forms
Changes in FS3, FS5 and FS7 documents
The enforcement of Fringe Benefits has brought about some minor changes in the monthly FS5 document and the FSS annual reconciliation documents FS3 and FS7.
A new item (C3) has been introduced in the monthly form FS5 (Gross Emoluments part) to report the total Fringe Benefits of all categories less any non-taxable Car Cash Allowance.
At the end of the year each category of fringe benefits is to be reported separately in the form FS3 in the newly introduced items C5, C6 and C7. In the case of a car cash allowance, this has to be reported in full in box C5, and the allowable deduction against it (if applicable) is to be reported in box C8. The total of boxes C5, C6 and C7 less the amount shown in C8 has to be shown in box C3.
In the FS7 form the amount of box C3 should agree with the total of box C3 in all FS3s submitted.
Introduction of new forms FB1 and FB2
Two new forms are being introduced namely FB1 and FB2.
Form FB1 is a template history sheet for each type of Fringe Benefit paid to a director, a shareholder, employee etc. Employers must retain the information detailed on this form for each individual who receives a fringe benefit (except for a Car Cash Allowance). The use of this form is not mandatory, however, the information shown on the form must be retained by all employers and be readily available to Inland Revenue officials whenever required.
Form FB2 is an application form which an employer has to submit to the Inland Revenue where he requests a reduction of the Personal Use rate to 20% in the case of vehicles heavily used for point-to-point service or delivery.
FS3
CHANGES TO FS3 TO INCORPORATE DETAILS OF FRINGE BENEFITS.
FS5
CHANGES TO FS5 TO INCORPORATE DETAILS OF FRINGE BENEFITS.
FS7
CHANGES TO FS7 TO INCORPORATE DETAILS OF FRINGE BENEFITS.
FB1
PERSONAL HISTORY SHEET ON EACH INDIVIDUAL
FB2
APPLICATION FOR A REDUCED RATE FOR POINT-TO-POINT SERVICE OR DELIVERY
- Chapter 1 – Background
- Chapter 2 – Collection of Income Tax on Fringe Benefits
- Chapter 3 – Categories of Fringe Benefits
- Chapter 4 – Valuation of Category 1 Fringe Benefits
- Chapter 5 – Valuation of Category 2 Fringe Benefits
- Chapter 6 – Valuation of Category 3 Fringe Benefits
- Chapter 7 – Exemptions
- Appendix A Forms
- Appendix B Electronic Lodgement File Format
- Appendix C Car Fringe Benefit Calculator