Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2011

2011/192

Coat of Arms of New Zealand

Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2011

Anand Satyanand, Governor-General

Order in Council

At Wellington this 30th day of May 2011

Present:
His Excellency the Governor-General in Council

Pursuant to section RA 21(3) and (4) of the Income Tax Act 2007, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following regulations.

Regulations

1  Title
  • These regulations are the Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2011.

2  Commencement
  • These regulations come into force upon their notification in the Gazette.

3  Principal regulations amended
4  Schedule 1 amended
  • Schedule 1 is amended by adding the following item:

    Quarter commencing 1 April 2011, and subsequent quarters 5.90

Michael Webster,
for Clerk of the Executive Council.


Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force upon their notification in the Gazette, amend the Income Tax (Fringe Benefit Tax, Interest on Loans) Regulations 1995. They decrease from 6.24% to 5.90% the rate of interest that applies for fringe benefit tax purposes to employment-related loans. The decrease applies for the quarter beginning on 1 April 2011 and subsequent quarters.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 31 May 2011.

These regulations are administered by the Inland Revenue Department.