Section CZ 24 — Income Tax Act 2007: Employee benefits for Canterbury earthquake relief: not fringe benefits

CZ 24 Employee benefits for Canterbury earthquake relief: not fringe benefits When this section applies (1) This section applies when an employee receives from an employer a benefit that— (a) would be a fringe benefit in the absence of this section; and (b) is for the purpose of the relief of employees from the adverse effects of a Canterbury earthquake, as defined in section 4 of the Canterbury Earthquake Recovery Act 2011, of 4 September 2010 or 22 February 2011; and (c) is received in the period of 8 weeks beginning on the day of that Canterbury earthquake; and (d) does not replace a PAYE income payment; and (e) does not depend on the seniority of the employee; and (f) is available to another employee, who is not an associated person of the employer and is or was immediately before a Canterbury earthquake in full-time employment with the employer, if the employee is an associated person of the employer; and (g) is treated by the employer as not being a fringe benefit. Benefits with known value for employee (2) Benefits satisfying subsection (1) that would, in the absence of this section, be fringe benefits having a value for the employee that the employer could estimate, are not fringe benefits to the extent that their total value as fringe benefits for the period would be less than or equal to the amount by which $3,200 exceeds the income that is— (a) exempt income under section CZ 23(2)(b) ; and (b) derived by the employee from the employer in the same period. Benefits with unknown value for employee (3) Benefits satisfying subsection (1) that would, in the absence of this section, be fringe benefits having a value for the employee that the employer could not estimate, are not fringe benefits. Defined in this Act: associated person , employee , employer , exempt income , fringe benefit , income , PAYE income payment Section CZ 24: added (with effect on 4 September 2010), on 24 May 2011, by section 4 of the Taxation (Canterbury Earthquake Measures) Act 2011 (2011 No 24).