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PUBLISHED 16 June 2022

Rates for UOMI, FBT interest on loans and DRR updated

Orders in Council updating certain rates were recently made. The paying rates for use of money interest has changed. The new underpayment rate is 7.28% (previously 7.00%). The overpayment rate remains at 0%. The rate of interest used to calculate interest on employment-related loans for fringe benefit tax purposes increases from 4.50% to 4.78%. The deemed rate of return used to calculate foreign investment fund income for the 2021–22 income year rises from 4.43% to 6.01%.

For more information on these, see:

  • Special Report - Order in Council: Taxation (Use of Money Interest Rates) Amendment Regulations 2022
  • Special Report - Order in Council: Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2022
  • Special Report - Order in Council: Income Tax (Deemed rate of return on attributing interests in Foreign Investment Funds, 2021–22 income year) Order 2022