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Service changes and updates IR offices, myIR and phone lines (SPK2IR) are unavailable until the morning of Thursday 28 October for planned system maintenance. Find out more

Resurgence Support Payment (RSP) You will not be able to apply for the RSP in myIR until the morning of Thursday 28 October. Businesses affected by the alert level increase that started on 17 August can apply in myIR from 28 October. Applications for a 4th payment round are planned to open on 29 October. Find out more

Resurgence Support Payment (RSP) The government has announced an increase to the amount and frequency of the RSP from 12 November. Find out more

You usually need to pay fringe benefit tax if:

  • you give an employee a loan at less than the prescribed or market rate of interest
  • this loan is not available to the public.

There are some exceptions to this. The following types of loans you do not have to pay FBT for, or they have different rules about when FBT applies:

  • wage advances
  • employee share loans
  • share purchase scheme loans
  • shareholder employee current account debit balances
  • company expense accounts
  • loans to life insurance policy holders.

Record keeping for low-interest loans

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.
Last updated: 17 Jun 2021
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