FBT rates and thresholds for the 2021/22 FBT year

The ATO has updated its webpage containing the fringe benefits tax (‘FBT’) rates and thresholds for the 2017/18 to 2021/22 FBT years.

Two amounts that were not previously announced for the 2021/22 FBT year are:

• the FBT record keeping exemption is $8,923 (up from $8,853 for the 2020/21 FBT year); and
• the statutory or benchmark interest rate is 4.52% (down from 4.80% for the 2020/21 FBT year).

The ATO also separately released two taxation determinations setting out further rates and thresholds for the FBT year commencing on 1 April 2021, being:

• Motor vehicle (other than a car) — cents per kilometre rate; and
• Reasonable food and drink amounts for employees living away from home.

Please contact our office if you need more information about these rates or FBT in general.

Disclaimer
This publication is intended as a general commentary only and does not purport to be comprehensive. It should not be regarded as tax advice and you should not act solely on the information contained herein. Please contact AscendPoint to further discuss about your circumstances or concerns.