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FBT 2015 Interest rates, thresholds and c/km rates

April 2014 

It's reporting time for FBT and there are new interest rates, record keeping exemption thresholds and cents per kilometres rates. We've summarised the changes below:

2015 FBT benchmark interest rate
What is the benchmark interest rate to be used the fringe benefits tax year commencing on 1 April 2014?
This determination confirms the benchmark interest rate for the FBT year commencing 1 April 2014 is 5.95% per annum. This rate should be used to calculate the taxable value of loan fringe benefits and car fringe benefits using the operating cost (if applicable).

2015 FBT record keeping exemption threshold
For the purposes of section 135C of the FBT Act 1986, what is the exemption threshold for the fringe benefits tax year commencing on 1 April 2014?
This determination confirms that the record-keeping exemption threshold for the FBT year commencing 1 April 2014 is $7,965.

2015 FBT cents per kilometre rates
What are the rates to be applied on a cents the fringe benefits tax year commencing on 1 April 2014?

This determination confirms the cents per kilometre rates for calculating the residual fringe benefits for vehicles other than cars and motorcycles for the FBT year commencing 1 April 2014. The rates are listed in the table below:

For more information about FBT rates and reporting please contact us on 02 9957 4033 or via our contact form

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Last updated April 2014. This article is provided for information purposes only and should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.

 

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Disclaimer

This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.

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