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Updated FBT Rates and Amounts

April 2015

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. 

We've summarised the changes below:

2016 FBT benchmark interest rate

The benchmark interest rate for the FBT year commencing on 1 April 2015 is 5.65% pa (previously 5.95%). This rate should be used to calculate the taxable value of loan fringe benefits and car fringe benefits using the operating cost (if applicable).

2016 FBT record keeping exemption threshold

The exemption threshold for the FBT year commencing 1 April 2015 is $8,164 (previously $7,965).

The exemption threshold for the FBT year commencing 1 April 2015 is $8,164 (previously $7,965).

2015 FBT cents per kilometre rates

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

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


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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