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Company Vehicles and Fringe Benefits Tax
Most benefits given to employees other than their salary or wages are fringe benefits. These include: motor vehicles available for private use; free, subsidised or discounted goods and services; low-interest loans; and employer contributions to sickness, accident or death benefit funds, superannuation schemes and specified insurance policies.
If these benefits are enjoyed or received by employees or shareholder-employees as a result of their employment, the benefits are liable for Fringe Benefits Tax, which is payable by the employer.
To find out more, download our Guide to Fringe Benefits Tax on Company Vehicles.
Should I Set up My Business as a Look Through Company (LTC)?
What is a Look Through Company? Should I set up my business as one? What are the benefits? How do I go about it?
We have drawn up a two-page article, "Look Through Company Election", which aims to help you find the answers to these questions.
You can download it here.
Setting Up as a Sole Trader or Limited Liability Company
Should you set up your new business venture as a sole trader, or would it be better to register as a limited liability company?
Check out our article on the pros and cons of each option here.
You can also have a look at some questions and answers about registering for GST in New Zealand.
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