Ute Tax 2.0: The New Fringe Benefit Tax Changes and What They Mean for Farmers
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The proposed changes to the Fringe Benefit Tax (FBT) by Inland Revenue, known as 'Ute Tax 2.0', aim to simplify the tax system and address the misconception that utes are entirely exempt from FBT. This article explores the key points of the proposed changes, their impact on farmers and small businesses, and the timeline for implementation.