New FBT rates and thresholds
The ATO has released a range of updated rates and thresholds that will apply to the FBT year
The ATO has released a range of updated rates and thresholds that will apply to the FBT year commencing 1 April 2018.
The rates and thresholds released include:
- The indexation factors for valuing nonremote housing (TD 2018/1);
- The benchmark interest rate (TD 2018/2);
- The reasonable amounts for food and drink expenses incurred by employees receiving a living-away-from-home allowance (TD2018/3);
- The cents per kilometer rates for calculating the taxable value of a fringe benefit arising from the private use of a motor vehicle other than a car (TD 2018/4); and
- The employer record keeping exemption threshold (TD 2018/5).
Not sure how these changes will impact you or your business? Please contact us on 02 9957 4033.
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.