April 6, 2021 | Warren Kruger | No Comments | Tax Tips For Business Owners
The ATO has updated its webpage containing the fringe benefits tax (‘FBT’) rates and thresholds for the 2017/18 to 2021/22 FBT years.
Two amounts that were not previously announced for the 2021/22 FBT year are:
- the FBT record keeping exemption is $8,923 (up from $8,853 for the 2020/21 FBT year); and
- the statutory or benchmark interest rate is 4.52% (down from 4.80% for the 2020/21 FBT year).
The ATO also separately released two taxation determinations setting out further rates and thresholds for the FBT year commencing on 1 April 2021, being:
- Motor vehicle (other than a car) – cents per kilometre rate; and
- Reasonable food and drink amounts for employees living away from home.
Please contact Taxwise on 08 9248 8124 if you need more information about these rates or FBT in general.
