June 2006
Company Vehicle;Jun2006, p4
The article focuses on the changes in the Fringe Benefit Tax (FBT) system effective in New Zealand on April 1, 2006. It states that FBT legislation provides businesses with an option of computing the FBT value of company-provided cars based on their original cost or on their tax book value. One of the effects of FBT law is the cancellation of the benefit of multi-lease products. It clarifies that a taxpayer who leases a vehicle on April 1 will be compelled to use the cost method to compute for the FBT liability. INSET: WHAT DO THE FBT CHANGES MEAN FOR YOUR FLEET?.


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