Section Sch50-“ 46C — Income Tax Act 2007: FBT returns for years

“ 46C FBT returns for years “ (1) This section applies to an employer who pays their FBT liability under the close company option or the small business option. The employer chooses the relevant option by notifying the Commissioner. “ (2) The employer must provide a return that— “ (a) sets out the details of the fringe benefits received by each of their employees in the tax year or income year, as applicable; and “ (b) includes a calculation of the amount of FBT payable on the taxable value of the fringe benefits in the tax year or income year, as applicable. “ (3) For an employer who chooses to pay under the close company option, the return must be provided no later than the employer’s terminal tax date for the relevant income year. The employer is liable to pay the amount calculated by the terminal tax date. “ (4) For an employer who chooses to pay under the small business option, the return must be provided no later than 31 May after the end of the relevant tax year. The employer is liable to pay the amount calculated by 31 May. “ Compare: 2004 No 35 ss ND 13(5), (6), ND 14(5), (6)