Announcements
PUBLISHED 29 May 2014

FBT rate for low-interest loans up

The prescribed interest rate used to calculate fringe benefit tax on low-interest loans provided by employers will be 6.13% from 1 July this year. For more information see the media statement.


Hon Todd McClay
Minister of Revenue

Media statement

29 May 2014

FBT rate for low-interest loans to rise
 

Revenue Minister Todd McClay has announced the new prescribed interest rate used to calculate fringe benefit tax on low-interest loans provided by employers will be 6.13% from 1 July 2014.

The previous rate was 5.90%.

The rate is reviewed regularly to align it with the results of the Reserve Bank’s survey of variable first mortgage housing rates to ensure it is in line with market interest rates.

The new rate was set by Order in Council on Monday and gazetted today.

Media contact: Hayden Cox 04 817 6991, 021 917339