Income Tax (Employment Gains or Profits –– Furniture and Fittings in Place of Residence) Regulations 2015 comes into operation on 14 January 2015 [S 9/2015]

On By taxsgIn Income Tax Act, Legislative Updates

16 January 2015

The Income Tax (Employment Gains or Profits –– Furniture and Fittings in Place of Residence) Regulations 2015 were published on the Government Gazette, Electronic Edition on 14 January 2015.

For the purposes of section 10(2) of the Act:

  • if an employer provides furniture and fittings in a place of residence, the value of the furniture and fittings is deemed to be 50% of the annual value of the place of residence; and
  • if an employer does not provide any furniture in the place of residence, the value of fittings provided by the employer in the place of residence is deemed to be 40% of the annual value of the place of residence.

These Regulations will take effect for the year of assessment 2015 and subsequent years of assessment.

Source: Government Gazette