Where an employer provides a loan to an employee; an advance of cash, a fringe benefit normally arises. Income Tax Act 2007, s CX10, however, provides detail regarding the exclusions which may apply where the loan is:
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•ÌýÌýÌýÌý an employee share loan
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•ÌýÌýÌýÌý made under an exempt ESS
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•ÌýÌýÌýÌý related to a PAYE overpayment
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•ÌýÌýÌýÌý an advance of salary, providing the loan is less than NZD 2,000 at the time it would normally require to be reported as a fringe benefit and is not required to be made as part of the employment contract
For the application of the exclusion for share loans where the shares are to be acquired by, and the loan is made to, an associate of the employee, see QB 24/03.
Income Tax Act 2007, s RA21(3) and (4) confirms that the Governor-General may make regulation to declare new rates of interest in respect of
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