The Tax Office on Wed 28.3.2012, released 5 determinations dealing with FBT rates, thresholds, etc for the 2012-13 FBT year (ie the FBT year commencing on 1 April 2012).
- TD 2012/3: the record-keeping exemption threshold is $7,642.
- TD 2012/4: the indexation factors for valuing non-remote housing are: NSW – 1.060; Vic – 1.040; Qld – 1.028; SA – 1.042; WA – 1.035; Tas – 1.039; ACT – 1.056; and NT – 1.026.
- TD 2012/5: the following amounts represent a reasonable food component of a LAFHA for expatriate employees: 1 adult – $250; 2 adults – $400; 3 adults – $450; 1 adult and 1 child – $325; 2 adults and 1 or 2 children – $450; 2 adults and 3 children – $524; 3 adults and 1 child $524; 3 adults and 2 children – $599; and 4 adults – $599. For larger family groupings, add $150 for each additional adult and $75 for each additional child.
- TD 2012/6: the rates to be applied on a cents-per-km basis for calculating the taxable value of a fringe benefit arising from the private use of a motor vehicle other than a car are: 0-2500cc: 48 cents/km; Over 2500cc: 57 cents/km; and Motorcycles: 14 cents/km.
- TD 2012/7: the benchmark interest rate is 7.40% pa.
[LTN 60, 28/3]