Record keeping for low interest loans

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Employing staff Dates

MAY 20

Employer deductions payment due for 1 to 15 May for large employers.
MAY 20

Employer deductions payment due for April for small to medium employers.
MAY 31

Your FBT quarterly return and payment are due for the period ending 31 December if you have a March balance date.

All Employing staff dates

Your records for low-interest loans must show the:

date the loan started
name of the employee receiving the loan
description of the loan
amount of interest charged
prescribed or market rate of interest.

Employer provided low-interest loans

Prescribed interest rates for fringe benefit tax

Work out the taxable value of a low-interest loan