CZ 24BEmployee benefits for North Island flooding events relief: not fringe benefits

1. This section applies when an employee receives from an employer a benefit that—

2. would be a fringe benefit in the absence of this section; and
3. is for the purpose of the relief of employees from the adverse effects of a North Island flooding event; and
4. is received in the period of 8 weeks beginning on the first day of the relevant North Island flooding event; and
5. does not replace a PAYE income payment; and
6. does not depend on the seniority of the employee; and
7. is available to another employee, who is not an associated person of the employer and is or was immediately before the relevant North Island flooding event in full-time employment with the employer, if the employee is an associated person of the employer; and
8. is treated by the employer as not being a fringe benefit.

9. Benefits satisfying subsection (1) that would, in the absence of this section, be fringe benefits having a value for the employee that the employer could estimate, are not fringe benefits to the extent to which their total value as fringe benefits for the period would be less than or equal to the amount by which $5,000 exceeds the income that is—

10. exempt under section CZ 23B(2)(b); and
11. derived by the employee from the employer in the same period.

12. Benefits satisfying subsection (1) that would, in the absence of this section, be fringe benefits having a value for the employee that the employer could not estimate, are not fringe benefits.

Notes

• Section CZ 24B: inserted (with effect on 8 January 2023), on 31 March 2023, by section 33(1) (and see section 33(2) for application) of the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Act 2023 (2023 No 5).