Section RD 53 — Income Tax Act 2007: Pooling non-attributed benefits

RD 53 Pooling non-attributed benefits When this section applies (1) This section applies in a tax year when an employer provides a fringe benefit that is— (a) a benefit provided to a former employee; or (b) an employment-related loan provided by a life insurer under section CX 11 (Employment-related loans: loans by life insurers); or (c) a benefit to which section RD 48 applies that cannot be attributed to a particular employee; or (d) an attributed benefit to which section RD 49(2) applies; or (e) subsidised transport to which section RD 49(3) applies. Pooling value (2) The employer must pool the value of the benefits. Final quarter pooling (3) For the final quarter of the tax year, the employer must create 2 pools, 1 for each of the following groups of persons: (a) the first pool is for an employee who is a major shareholder, or a person associated with an employee who is a major shareholder (unless that person receives the fringe benefit as an employee of the employer): (b) the second pool is for all other employees. Final quarter calculation (4) The employer must calculate FBT for the final quarter of the tax year on the annual taxable value of the pooled fringe benefits— (a) at the rate of 49.25% for the first pool; and (b) at the rate of 42.86% for the second pool. Defined in this Act: associated person , employee , employer , employment-related loan , FBT , fringe benefit , group of persons , life insurer , major shareholder , quarter , subsidised transport , tax year , Compare: 2004 No 35 s ND 6 Section RD 53(4)(a): amended, on 1 April 2011 (applying for the 2011–12 income year and later income years), by section 66(2)(a) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section RD 53(4)(a): amended (with effect on 1 April 2010), on 28 May 2010 (applying for the 2010–11 income year and later income years), by section 66(1)(a) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section RD 53(4)(a): amended, on 1 April 2009, by section 31(1) of the Taxation (Business Tax Measures) Act 2009 (2009 No 5). Section RD 53(4)(b): amended, on 1 April 2011 (applying for the 2011–12 income year and later income years), by section 66(2)(b) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section RD 53(4)(b): amended (with effect on 1 April 2010), on 28 May 2010 (applying for the 2010–11 income year and later income years), by section 66(1)(b) of the Taxation (Budget Measures) Act 2010 (2010 No 27).