Section RD 54 — Income Tax Act 2007: Value of and payments towards fringe benefits

RD 54 Value of and payments towards fringe benefits Value of benefit (1) The taxable value of a fringe benefit is the value of the benefit. Subsection (2) overrides this subsection. Reduction for payment by employee (2) If an employee pays an amount for receiving a fringe benefit, the value of the benefit is reduced by the amount paid. When associate pays amount (3) If section GB 32 (Benefits provided to employee’s associates) applies, the value of the benefit is reduced when a person associated with the employee pays an amount for the benefit. Exclusions (4) This section does not apply to— (a) an employment-related loan: (b) a payment to acquire or improve an asset if receiving or using the asset does not constitute a fringe benefit. Defined in this Act: amount , associated person , employee , employment-related loan , fringe benefit , pay , Compare: 2004 No 35 ss GC 15(3), (4) , ND 1S Section RD 54 compare note: amended (with effect on 1 April 2008), on 6 October 2009, by section 516 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).