Fringe benefits tax
What’s a fringe benefit? Any items you provide to your employees that are not part of their normal salary are considered fringe benefits. This includes things like: allowing an employee to use a work car for private purposes paying for employee’s private health insurance providing entertainment through food, drink or recreation, or giving employees cheap loans More comprehensive examples for fringe benefits can be found on theATO website. The FBT year runs from 1 April to 31 March. Fringe benefits tax rates The FBT rate changes for the year ending 31 March 2015 onwards. FBT Year: Ending Mar 2014 (and prior years) Rate: 46.5% FBT Year: Ending 31 Mar 2015 FBT Rate: 47% FBT Year: Ending 31 Mar 2016 & 31 Mar 2017 FBT Rate: 49% FBT Year: Ending 31 Mar 2018 onwards FBT Rate: 47% A full list of the FBT rates and thresholds can be found on the ATO website, including details on: Car fringe benefits statutory formula rates Deemed Depreciation Rates – Cars...
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