Be in to win Apple, Samsung and other prizes

Be in to win

Request a demo today of any of Taxlab’s products and you, and the person who referred you, will go into a weekly prize draw until 20 May 2022.

Enter Now

Terms and Conditions
  1. These terms and conditions apply to the Taxlab Demo Promotion (Promotion) conducted by Taxlab Limited, 3C Rothwell Avenue, Rosedale, Auckland, 0632, New Zealand (Taxlab).
  2. The Promotion begins on 4 April 2022 and ends 20 May 2022 (Promotion Period).
  3. To be eligible for the Promotion you must be a NZ resident, be at least 18 years old, enter during the Promotion Period, be authorised to enter the Promotion on behalf of your organisation and any person whose details you provide; and not be an employee or contractor of Taxlab or its related entities.
  4. To enter this Promotion, you must sign up to the Promotion web page accessed via the Promotion email during the Promotion Period.
  5. Valid entries are eligible to go into a weekly prize draw to win one of multiple prizes (Prizes).
  6. Taxlab will randomly select prize winners weekly (Winners). Winners will be notified by email and must provide a delivery address within five working days to receive Prizes. By accepting any Prizes from Taxlab, you consent to Taxlab using your name and photos for promotional purposes unless you tell us otherwise in writing.
  7. Prizes are not negotiable, transferrable, or exchangeable, and cannot be taken as cash.
  8. By entering the Promotion, you agree that Taxlab may collect, hold, and use your personal information in accordance with our Privacy Policy and to conduct the Promotion, and that you are authorised to provide any personal data prior you submit to Taxlab and you indemnify Taxlab for any claim arising out of your failure to procure such authorisation. 
  9. Taxlab’ decisions on all matters regarding the Promotion are final and no correspondence will be entered into.
  10. Taxlab reserves the right, acting reasonably, to extend, change, or terminate all or part of the Promotion at any time without notice.
  11. To the extent permitted by law, Taxlab excludes any liability it may have to you arising directly or indirectly out of or in connection with this Promotion.
  12. You are deemed to accept these terms and conditions at the time of entering into the Promotion.

Taxlab and Tax Traders – A New Era

Launch of New Partnership

We are excited to announce the launch of a tax technology partnership in New Zealand. Today marks the first day of an exclusive new partnership between Taxlab and Tax Traders, a leading tax pooling intermediary and one of NZ’s fastest growing fintech companies.

Our mission has always been about enabling technology to take the pain, risk and cost out of tax administration. This partnership will help further our mission and revolutionise the way New Zealanders pay income tax, both now and into the future.

Check out what this partnership could mean for you!

“Tax Traders has disrupted the traditionally complex and cumbersome world of tax payments via the tax pooling framework, and we’re delighted to be able to partner with them in this way.”

Allen Knight, CEO of Taxlab

New Offering for Corporates

To celebrate the launch of this partnership, we unveil a new offering: Tax Traders Corporate.

This offering provides companies with an enhanced suite of tools that provide automatic access to consolidated tax information so they can make smarter and more efficient decisions and do this in a fraction of the time! More companies will now be able to pay their income tax in the way that suits them best and reflects their unique business model.

Scholarship and Support

Marking this significant moment, we are also launching a new $30,000 tax technology scholarship, Cultivate.

The scholarship program will identify and grow untapped potential in the field of technology, creating opportunities for students who may otherwise face significant barriers to pursuing a future in the industry.

And This Is Just the Beginning

We have been working together on various projects over the last couple of years. This partnership is a key step towards our vision and reflects the growing desire of both parties to collaborate.

Our approach to collaborating and integrating with other innovative technology solutions like Xero and Tax Traders means we can continue to help create a highly efficient process between taxpayers, tax agents and tax authorities.

BDO New Zealand – Taxlab FBT training

Monday 16 May 2022, 1pm-2pm

This training is exclusively for BDO New Zealand and is available to all staff members across all offices.

We will be hosting a webinar to share how to use our FBT software for a wide range of clients, from small companies with a few motor vehicles to larger enterprises with hundreds of employees. Training will include:

  • Collecting and uploading benefits and employee data
  • Automatic Q4 attribution calculation
  • True up calculation and final tax return
  • Review and sense checks
  • Generate cost centre reports
  • Generate client reports and deliverables

Please register below:

2022 Fringe Benefit Tax (FBT) Rates

2022 FBT Rates are Skyrocketing

New FBT Rates

The FBT rate changes came into effect on 1 April 2021: 

  • The single rate has moved from 49.25% to 63.93%; 
  • The alternate rate has increased from 43% to 49.25%; 
  • The pooling rate moved from 42.86% to 49.25%. 

The Impact Is a 30% Increase in FBT

Inland Revenue has advised that around 90% of taxpayers currently use the single rate to calculate their FBT. If those same taxpayers continue to use the single rate for 2021/2022 tax year, they will see a significant 30% increase in their FBT liability.

How to Minimise the Increase

Employers can perform an FBT attribution calculation in the final FBT quarter (1 January to 31 March each year). This means benefits provided over the course of the year are taxed at each employee’s marginal tax rates per their income level.

It will be more important for taxpayers to use attribution for the 2021-22 FBT year in order to keep FBT cost increases to a minimum. This is especially the case where there are a large number of employees earning under the top tax rate threshold of $180,000 p.a.

Example:

Please check out the table below for a simple illustration of how the tax liability differs between single rate and attribution in 2021 and in 2022.

EmployeeBenefitPayBenefit
Value		2021
Single Rate		2022
Single Rate		2022
Attribution
JohnMotor vehicle$150,000$8,000$3,940$5,114$3,940
JaneInsurance$100,000$3,000$1,478$1,918$1,478
JimmyGift$60,000$400$197$256$171
Totals$5,615$7,288$5,589

When Should I Start Looking Into This?

Now. In order to be able to perform your attribution calculation in the final quarter of 2021/2022, you need to ensure you have the right data available. This includes knowing which employees have received which benefits and the corresponding value. Further, there are significant cash flow benefits in having the confidence to lock in the alternate rate for the first 3 quarters of the FBT year.

How to Simplify the FBT Attribution Calculation

Contact us! FBT calculation software like Taxlab is available to make FBT compliance much easier and more robust while helping you save tax costs. We would be happy to organise a demo for you. Otherwise, you can also get in touch with your tax adviser to evaluate your options based on your requirements and resources.

FBT Resources

Online

Webinars

Taxlab FBT Software

2021/2022 FBT Update – Free Webinar

The new FBT rates for 2021/2022 are:

  • Single rate = 63.93% (previously 49.25%);
  • Alternate rate = 49.25% (previously 43%); and
  • Pooling rate = 49.25% (previously 42.86%).

After positive feedback from our earlier presentations, we are hosting one final webinar before the first 2021/22 quarterly calculation is due.

PwC and Taxlab – 17 June 2021 – Webinar registration

Taxlab are pleased to have Josie Goddard of PwC to talk us through the technical FBT changes and help you understand the different options for calculating FBT payable. Josie will use a case study to show the impact of the higher 63.93% FBT rate.

To close, we will showcase how FBT software provide a real opportunity for employers and advisers to save tax, better manage cashflow and efficiently complete the FBT return with automated de minimis, attribution and pooling optimisation as well as sense checks, reports and analytics.

Register your interest now.

Speakers

Josie Goddard, PwC New Zealand

Josie is a Senior Manager in PwC’s employment tax practice and brings 8 years of experience in advising large employers. She has led many payroll reviews focusing on employment taxes and has managed a number of Inland Revenue reviews and audits. Josie leads PwC’s policy submissions in relation to employment tax and was PwC’s lead specialist in relation to the recent payday reporting changes.

Jeremy Dobbie, Taxlab

Jeremy has over 10 years of experience working at PwC NZ, Thomson Reuters and EY UK, and exclusively with tax & accounting technology since 2013. He joined Taxlab in 2019 to help ensure the compliance needs of accountants and tax professionals are understood and connected with the relevant solution.