Updated FBT rates and thresholds for the 2021/22 FBT year have been released

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 Omnis Group Business Accountants in Subiaco Perth if you need more information about these rates or FBT in general.

Omnis Group are modern, forward-thinking Business Accountants in Perth, providing practical, proactive, real-world advice and support that goes beyond the basic preparation and lodgement of tax returns, to identify opportunities for improvement in your business.