Section RD 58 — Income Tax Act 2007: Single rate option

RD 58 Single rate option Rate for all quarters (1) An employer who chooses to pay their FBT liability under the single rate option must pay FBT at the rate of 49.25% of the taxable value of a fringe benefit for each of the 4 quarters of a tax year. Replacing final quarter calculation (2) Despite subsection (1), an employer may ask the Commissioner to replace the FBT liability determined for the final quarter under this section with an amount calculated under section RD 59(4) . The employer must provide the information necessary for the calculation. Defined in this Act: amount , Commissioner , employer , FBT , fringe benefit , pay , quarter , tax year , Compare: 2004 No 35 ss ND 1(2)(b), (4) , ND 2(2) Section RD 58(1): substituted, on 1 April 2011 (applying for the 2011–12 income year and later income years), by section 67(2) of the Taxation (Budget Measures) Act 2010 (2010 No 27).