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Watch your FBT

accelerateonline • Feb 02, 2023

The Fringe Benefit tax rate rose to 63.93% in April 2021, but nearly two years later, many businesses are yet to review the impact.

Before 2021, most employers used the single rate option to pay FBT on benefits provided at a flat rate of 49.25%. Have you reassessed the cost of increased FBT?

FBT is charged on a wide range of employee benefits, including company cars able to be used privately by employees right through to gift vouchers and flowers given to employees. Most employers don’t realise they have a large FBT bill until it’s too late. It can become even more painful if benefits have been given for a long time, as in addition to the FBT payable, penalties and use of money interest may also apply.

Review the impact of FBT on your business and ensure you don’t have backdated exposure. Talk to us about the impact of the 2021 rate rise and whether there are alternatives to offering employee perks, such as offering staff higher salaries or regular bonuses.

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Livestock Special Alert 2023

By accelerateonline • 12 Jun, 2023
Inland Revenue have recently announced this year’s livestock Herd Scheme Values and we think this is a great opportunity to update you on the latest movements. The Herd Scheme Values are the National Average Market Values, determined by a process involving a review of the livestock market as at 30 April.

Livestock Special Alert 2023: Dairy Cattle

By accelerateonline • 12 Jun, 2023
The values for Dairy this year have seen a fall in values across all female classes, but increases across all male classes. The fall in R1 heifer values can be attributed to the prohibition of live export by sea commencing from 30 April 2023. For the first time the National Average Market Value for R1 Heifers is less than the National Standard Cost of breeding and rearing an R1 Heifer.

Livestock Special Alert 2023: Beef

By accelerateonline • 12 Jun, 2023
In contrast to Dairy values Beef values have increased on average 9% and are almost at record values for all classes.

Livestock Special Alert 2023: Sheep

By accelerateonline • 12 Jun, 2023
Sheep values have all fallen from the high of 2022, slipping back an average of 10.2%. Whilst values have fallen, they are still either the second or third highest that they have ever been depending on which class of sheep you are looking at.

Livestock Special Alert 2023: Goats

By accelerateonline • 12 Jun, 2023
Goat values have increased on average 7.8% with almost all classes of fibre and meat producing goats at record highs. The value of milking goats continues to be well down from historic highs, except for breeding bucks which are at their highest value.

Accelerate Budget Special Alert 2023

By accelerateonline • 21 May, 2023
Like the rest of the world, New Zealand has reeled from the aftermath of Covid, rising inflation and interest rates, and the cost-of-living crisis. This year we also have a massive storm damage repair bill.

Tax

By accelerateonline • 21 May, 2023
Any tax cuts, or changes to the tax thresholds were vetoed in Budget 2023 as this was viewed as worsening inflation.

Infrastructure

By accelerateonline • 21 May, 2023
Budget 2023 builds on the $889m already provided in response to this year’s storms. A further $6b is allocated for a National Resilience Plan , for rebuilding after weather events. $71b is committed to new and existing infrastructure projects: not only storm damaged communications, power and roading, but schools, hospitals, public housing, rail and road.
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