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.
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