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FBT - prescribed rate of interest
1 June 2000 Media Statement
FBT - prescribed rate of interest
The rate used to calculate fringe benefit tax for low interest employment-related loans has been increased in line with market rates.
The new rate, which will apply from the quarter beginning 1 July 2000, will be 8.1 percent, up from 7.59 percent.
The rate is reviewed regularly to ensure it is in line with the Reserve Bank survey of first mortgage housing rates. It was last adjusted for the quarter beginning 1 April 2000.
The rate was changed by Order in Council on 29 May 2000.
ENDS
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