Fringe Benefit Tax tagged posts

Fringe Benefit Tax Rate Lowered

June 23, 2009 New Zealand Taxation  No comments

The rate at which fringe benefit tax is calculated on low-interest employment related loans has been lowered.

The rate used to determine the Fringe Benefit Tax (FBT) on low-cost employment related loans will drop from its current rate of 8.05% to 6.41%. The change was announced and set by Order in Council on the 22nd of July, and will come into effect on the 1st of July. The change was announced by Revenue Minister Peter Dunne.

The fall of 164 basis points in this rate is attributed to the change in variable first mortgage housing interest rates surveys, since the last rate change, in January.

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Tauranga Accountant Receives Sentence for Tax Evasion

December 23, 2008 New Zealand Taxation  No comments

Kevin Wayne Frazer, a Tauranga accountant has received a sentence of ten-month home detention and 250 hours of community service work on charges of Tax evasion.

Kevin Wayne Frazer, former director of Total Taxation and Accounting Services pleaded guilty in a Tauranga District Court on the 15th of December, to 68 charges of unpaid income-tax, GST, PAYE, fringe benefit taxes and student loan repayments. According to an IRD statement, income tax to an amount of $46,330, GST of $384,356, PAYE of $105,965, Fringe Benefit Tax of $2468 and student loans of $597 were not paid by Mr. Frazer. With Inland Revenue Department fines and charged interest, Kevin Frazer currently owes the IRD a total of $806,096.

According to the IRD there were no GST or income tax returns filed for Total Taxation and Acc...

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