20 April 2011
The Australian Tax Office has released new Fringe benefits Tax rates and thresholds starting from 1 April 2011.
There are a number of changes to parts of the Fringe Benefits Tax Assessment Act, for example:
- Exemption thresholds and record keeping
- Amounts that represent a reasonable food component for LAFHA
- Rates applicable on a cents per kilometre basis for calculating the tax value of private use of motor vehicles such as motor cycles.
- Benchmark interest rates
For more information, download our FBT Rates 2011 and FBT for LAFHA factsheets with full details of the changes. If you're not sure whether you should be paying FBT, we've put together some questions to help you know where you stand.
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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.