FBT Rates and Thresholds for the 2021/22 FBT Year

FBT Rates and Thresholds

 

April 6, 2021 | Warren Kruger | No Comments |

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.

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Warren Kruger

Specialist Tax Consultant - “Helping YOU Pay The Correct Tax And Not A Penny More”. My story starts on Christmas Eve, back in 1983 in South Africa.

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