Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2004
Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2004
Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2004
2004/14
Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2004
Note
These regulations are administered in the Inland Revenue Department.
Pursuant to section CI 6 of the Income Tax Act 1994, Her Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following regulations.
1 Title
-
(1) These regulations are the Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2004.
(2) In these regulations, the Income Tax (Fringe Benefit Tax, Interest on Loans) Regulations 19951 are called
“the principal regulations”
.
2 Commencement
These regulations come into force on the day after the date of their notification in the Gazette.
Rebecca Kitteridge,
Acting for Clerk of the Executive Council.
Explanatory note
This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on the day after the date of their notification in the Gazette, amend the Income Tax (Fringe Benefit Tax, Interest on Loans) Regulations 1995. They increase the rate of interest that applies for fringe benefit tax purposes to employment-related loans from 7.08% to 7.30% for the quarter commencing on 1 April 2004 and for subsequent quarters.
Issued under the authority of the Acts and Regulations Publication Act 1989.
Date of notification in Gazette: 26 February 2004.
1 SR 1995/41