WebApr 6, 2024 · the statutory or benchmark interest rate is 4.52% (down from 4.80% for the 2024/21 FBT year). The ATO also separately released two taxation determinations setting … WebThe FBT benchmark interest rate is 4.52% for the FBT year ending 31 March 2024. Louis was provided car parking at the office car park. Wilson Parking is located within a one kilometre radius of where Louis' car is parked and charges a fee of $25 for all day parking. Note;

2024 Fringe Benefits Tax Guide

WebJul 22, 2013 · Fringe benefits tax (FBT) is a surrogate income tax on employees who receive benefits for private consumption, but one unfair aspect of the FBT regime is that it taxes … WebApr 12, 2024 · Fringe benefits provided to employees and/or their associates are subject to Fringe Benefits Tax (FBT), which is currently set at 47% of a benefit’s grossed-up taxable value. ... allows a fringe benefit to be taxed at the employee’s marginal tax rate and not the FBT rate. As such, employers can provide employees with extra value without ... the academy restaurant liverpool

Car fringe benefits tax (FBT) guide for small business

WebApr 13, 2024 · the statutory or benchmark interest rate is 4.52% (down from 4.80% for the 2024/21 FBT year). The ATO also separately released two taxation determinations setting … WebMay 30, 2024 · A 47 per cent Fringe Benefits Tax rate is then applied to the resulting amount. For example, 20 per cent of the value of a $75,000 work car equates to $15,000. This is then multiplied by a gross-up rate of 2.0802, which equates to $31,203 – 47 per cent of $31,203 is $14,665, which would be the FBT amount. WebMay 10, 2024 · Deemed interest is calculated at the statutory interest rate for the year (5.85% in 2009/10) and is based on the car’s written down value for deemed depreciation purposes at the start of the FBT year. For cars held only part of a year, the annual interest amount is reduced accordingly. Business use percentage the academy raphael