FBT rate on low-interest loans rises
The prescribed rate used to calculate fringe benefit tax on low-interest, employment-related loans will rise from 9.01% to 9.55% from 1 April 2006, Revenue Minister Peter Dunne announced today.
The rate is reviewed regularly to align it with the results of the Reserve Bank’s survey of first mortgage rates. It was last adjusted with effect from 1 July 2005.
The new rate was set by Order in Council today.
Contact: Ainslie Fenwick 04 471 9728