FBT rate for low interest loans rises
The prescribed interest rate used to calculate fringe benefit tax on low-interest, employment-related loans will rise from 8.02 per cent to 8.52 per cent from 1 January 2005.
The rate is reviewed regularly in line with the results of the Reserve Bank's survey of first mortgage rates. It was last changed with effect from 1 October 2004.
Contact: Patricia Herbert [press secretary] 04-471-9412 or 021-270-9013. E-mail: [email protected]