With the end of the FBT year looming on 31 March 2017 there’s a timely reminder of important changes in effect for the FBT year and beyond.
A brief article via taxandsupernewsroom.com.au has a summary, including:
- 31 March 2017 marks the end of the 2-year temporary rate increase to 49%. The rate reverts to 47% from 1 April 2017.
- FBT benchmark interest rate for 2016-17 is 5.65%
- FBT record-keeping exemption threshold is $8,286
- FBT exemption for work-related portable electronic devices is extended to more than one device
- Meal entertainment – a new grossed-up cap of $5,000 applies to any salary packaged meal entertainment (and entertainment facility leasing expenses)
- Per km rates for vehicles other than cars has increased
- LAFHA reasonable food and drink rates have been adjusted
- Car parking fringe benefit daily fee threshold rates has been increased to $8.48
- Non-remote housing valuation indexation factors have been adjusted
- From 1 January 2017 and 1 July 2017 the effect of a changed definition for adjusted fringe benefits will take effect. This will change entitlement threshold calculations for some tax offsets and certain Centrelink benefit payments