Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2019

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2019/291

Coat of Arms of New Zealand

Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2019

Patsy Reddy, Governor-General

Order in Council

At Wellington this 25th day of November 2019

Present:
Hon Kelvin Davis presiding in Council

These regulations are made under section RA 21(3) and (4) of the Income Tax Act 2007 on the advice and with the consent of the Executive Council.

Regulations

1 Title

These regulations are the Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2019.

2 Commencement

These regulations come into force on 26 December 2019.

3 Principal regulations

These regulations amend the Income Tax (Fringe Benefit Tax, Interest on Loans) Regulations 1995 (the principal regulations).

4 Schedule 1 amended

In Schedule 1, after the item relating to the quarter commencing 1 January 2016, insert:

Quarter commencing 1 October 2019, and subsequent quarters5.26

Michael Webster,
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 on 26 December 2019, amend the Income Tax (Fringe Benefit Tax, Interest on Loans) Regulations 1995.

These regulations reduce, from 5.77% to 5.26%, the rate of interest that applies for fringe benefit tax purposes to employment-related loans. The new rate applies for the quarter beginning 1 October 2019 and for subsequent quarters.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 28 November 2019.

These regulations are administered by the Inland Revenue Department.