Fringe benefit tax rates high on employee and employer hit-lists but plans to update it have fallen short of expectations. Kristina Greene reports.
Monday, October 25th 2004, 8:24AM
by The Landlord
What do car parks, motor vehicles, loans and insurance policies have in common? Yes, they are all necessities of modern life, but what is less well known is that they are all subject to fringe benefit tax.
"The general public is often poorly infomed about fringe benefit tax and unaware of ways to minimise it," says Martin Witty from accounting firm Witty Smith.
He tells of a Christchurch couple, owners of a home-based business, who were caught in the Inland Revenue Department dragnet three years in a completely unintended evasion.
