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.
DO YOU NEED HELP WITH FBT RATES?
CALL (08) 9248 8124 NOW OR SIMPLY FILL IN THE FORM BELOW