FBT: Record keeping exemption threshold
The small business record keeping exemption threshold for the 2015/16 FBT year is $8,164, replacing the amount of $7,965 that applied in the 2014/15 FBT year.
FBT: Benchmark interest rate
The benchmark interest rate for the 2015/16 FBT year is 5.65% p.a. (replacing the rate of 5.95% that applied for the 2014/15 FBT year).
The rate of 5.65% is used to calculate the taxable value of:
* a loan fringe benefit; and
* a car fringe benefit where an employer chooses to value the benefit using the operating cost method.
Example
On 1 April 2015 an employer lends an employee $50,000 for five years at an interest rate of 5% p.a., with interest being charged and paid 6 monthly, and no principal repaid until the end of the loan.
The actual interest payable by the employee for the current year is $2,500 ($50,000 × 5%). The notional interest, with a 5.65% benchmark rate, is $2,825. Therefore, the taxable value of the loan fringe benefit is $325 (i.e., $2,825 – $2,500).
FBT: Cents per kilometre basis
The rates to be applied where the cents per kilometre basis is used for the 2015/16 FBT year in respect of the private use of a vehicle (other than a car) are:
| Engine capacity | Rate per kilometre |
| 0 – 2,500cc | 51 cents |
| Over 2,500cc | 61 cents |
| Motorcycles | 15 cents |
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