Updated FBT Rates and Amounts
It's reporting time for FBT and there are new interest rates, record keeping exemption thresholds and cents per kilometres rates. The ATO has released a number of FBT determinations for the coming year. The new rates commenced from 1 April 2015.
2016 FBT benchmark interest rate
2016 FBT record keeping exemption threshold
The exemption threshold for the FBT year commencing 1 April 2015 is $8,164 (previously $7,965).
The rates to be applied where the cents per kilometre basis is used for the FBT year commencing 1 April 2015:
| Engine capacity | Rate per kilometre |
| 0 - 2500cc | 51 cents |
| Over 2500cc | 61 cents |
| Motorcycles | 15 cents |
Reasonable Food and Drink
The table below sets out the weekly amounts the Commissioner considers to be reasonable food and drink amounts for a LAFHA paid to employees living away from home within Australia for the FBT year commencing on 1 April 2015. These amounts are for the total of food or drink expenses and include any amounts that may have been allowed for home consumption.
| Per Week | $ Amount |
| One Adult | 241 |
| Two Adults | 362 |
| Three Adults | 483 |
| One adult and one child | 302 |
| Two adults and one child | 423 |
| Two adults and two children | 484 |
| Two adults and three children | 545 |
| Three adults and one child | 544 |
| Three adults and two children | 605 |
| Four adults | 604 |
For more information about FBT rates and reporting please contact us on 02 9957 4033 or via our contact form.
Last updated April 2015.
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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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