Section RD 47 — Income Tax Act 2007: Attribution of certain fringe benefits

RD 47 Attribution of certain fringe benefits What this section applies to (1) This section applies when an employer provides a fringe benefit by— (a) making available a motor vehicle for an employee’s private use under section CX 6 (Private use of motor vehicle): (b) providing an employment-related loan to an employee under section CX 10 (Employment-related loans) but not a loan by a life insurer under section CX 11 (Employment-related loans: loans by life insurers): (c) providing to an employee a benefit with a taxable value of $1,000 or more in a year for each of the following categories: (i) subsidised transport under section CX 9 (Subsidised transport): (ii) a contribution to a superannuation scheme under section CX 13 (Contributions to superannuation schemes): (iii) a contribution to a sickness, accident, or death benefit fund under section CX 14 (Contributions to sickness, accident, or death benefit funds): (iv) a contribution to a funeral trust under section CX 15 (Contributions to funeral trusts): (v) the payment of a specified insurance premium or a contribution to an insurance fund of a friendly society under section CX 16 (Contributions to life or health insurance): (d) providing unclassified benefits to an employee under section CX 2(1)(b)(ii) (Meaning of fringe benefit) with a total taxable value of $2,000 or more in a year. Attributing fringe benefit to employee (2) The employer must attribute the fringe benefit to the employee, calculating the FBT liability under section RD 50 . Defined in this Act: employee , employer , employment-related loan , FBT , friendly society , fringe benefit , life insurer , loan , motor vehicle , pay , private use , sickness , accident , or death benefit fund , specified insurance premium , subsidised transport , superannuation scheme , unclassified benefit , Compare: 2004 No 35 s ND 3(1), (1A)