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Delays to response times: It is taking longer than usual to answer calls and myIR messages, and to process some COVID-19 Support Payment applications. This is because of the impact of COVID-19. If possible, please contact us through your myIR account. Log in to myIR

Budget 2022: The Government has announced Budget 2022, which includes changes to child support payments. Find out more on our Tax Policy website

Budget 2022: The Government has announced a Cost of Living Payment, which will be paid from 1 August 2022. You do not need to apply for this payment. If you are eligible, we’ll pay it into your bank account. 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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