FBT Record Keeping Exemption Threshold

The Fringe Benefits Tax exemption thresholds for the purposes of section 135C of the Fringe Benefits Tax Assessment Act 1986.

Section 132(1) provides that relevant records must be kept for up to 5 years after the completion of the transactions or acts to which they relate.

A record-keeping exemption is available for lower-value FBT benefits (with some limitations), and the FBT liability is accordingly calculated using the value determined in an earlier “base year”, which is a year in which all the record-keeping requirements have been met.

The qualifying lower-value of FBT benefits is referred to as the exemption threshold. It is a value specified pursuant to section 135C and adjusted for inflation (according to the All Groups Consumer Price Index to 31 December) each year.

FBT Year Ending Exemption Threshold Reference
31 March 2021 $8,853
31 March 2020 $8,714 TD 2019/4
31 March 2019 $8,552 TD 2018/5
31 March 2018 $8,393 TD 2017/2
31 March 2017 $8,286 TD 2016/2
31 March 2016 $8,164 TD 2015/5
31 March 2015 $7,965 TD 2014/4
31 March 2014 $7,779 TD 2013/6
31 March 2013 $7,642 TD 2012/3
31 March 2012 $7,391
31 March 2011 $7,190
31 March 2010 $7,063
31 March 2009 $6,766
31 March 2008 $6,614
31 March 2007 $6,391
31 March 2006 $6,223
31 March 2005 $6,084
31 March 2004 $5,919
31 March 2003 $5,747

 

For further information (including details of exceptions and limitations) see here.

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This page was last modified 2020-03-28