Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations (No 2) 2014

2014/284

Coat of Arms of New Zealand

Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations (No 2) 2014

Jerry Mateparae, Governor-General

Order in Council

At Wellington this 18th day of August 2014

Present:
The Right Hon John Key presiding 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 (No 2) 2014.

2 Commencement

  • These regulations come into force on the day after the date of their notification in the Gazette.

3 Principal regulations
4 Schedule 1 amended

  • In Schedule 1, after the item relating to the quarter commencing 1 July 2014, insert:

    Quarter commencing 1 October 2014, and subsequent quarters 6.70

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 the day after the date of their notification in the Gazette, amend the Income Tax (Fringe Benefit Tax, Interest on Loans) Regulations 1995.

These regulations increase, from 6.13% to 6.70%, the rate of interest that applies for fringe benefit tax purposes to employment-related loans. The increase applies for the quarter beginning on 1 October 2014 and for subsequent quarters.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 21 August 2014.

These regulations are administered by the Inland Revenue Department.