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IRD is reviewing life insurance, disablement and trauma insurance given to the employees from their employers. The purpose of this review is to make sure that taxpayers has put correct treatment for income tax, fringe benefit tax and goods and services tax

These group policies or benefits are subject to FBT. Section 16 of the ITA 2007 includes trauma and disablement policies in FBT and life insurance policies are an unclassified fringe benefit under section CX 37 of the ITA 2007.

 

They are both excluded income.

 

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