Align Fringe Benefit Tax Year with Income Tax Year

Submitted by

mark.caldwell85

Topic

Can government fix it: policy improvements

Date

07/05/2016

Issue

For small businesses, calculating expenses that confer fringe benefits using a period that overlaps accounting periods adds an additional compliance burden. By aligning the two periods, a business can use their year-end figures to calculate their expenses for FBT

Board response

The Board agrees this idea has support within the tax community. The Board will raise this at an appropriate stage but ultimately policy is a matter for Government.