Section CX 21 — Income Tax Act 2007: Business tools

CX 21 Business tools When use of business tool not fringe benefit (1) The private use of a business tool that an employer provides to an employee, and the availability for private use of such a business tool, is not a fringe benefit if— (a) the business tool is provided mainly for business use; and (b) the cost of the business tool to the employer, including the amount of any deduction for the cost of the business tool that the employer may make under section 20(3) of the Goods and Services Tax Act 1985, is no more than $5,000. Use away from employer’s premises (2) For the purposes of subsection (1), a business tool that is not taken to and used on the employer’s premises may nevertheless be provided mainly for business use if the employee performs a significant part of the employee’s employment duties away from the premises. Defined in this Act: business tool , business use , employee , employer , fringe benefit Compare: 2004 No 35 s CX 18B