The ATO [on Wed 25.3.2015] released 5 Taxation Determinations dealing with FBT rates, thresholds, etc for the 2015-16 FBT year (ie the FBT year commencing on 1 April 2015).
- TD 2015/4: for the purposes of s 28 of the FBTAA the indexation factors for valuing non-remote housing are: NSW – 1.032; Vic – 1.020; Qld – 1.022; SA – 1.020; WA – 1.028; Tas – 1.011; ACT – 0.989; and NT – 1.043.
- TD 2015/5: for the purposes of s 135C of the FBTAA the record-keeping exemption threshold is $8,164.
- TD 2015/6: 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: 51 cents/km; Over 2500cc: 61 cents/km; and Motorcycles: 15 cents/km.
- TD 2015/8: the benchmark interest rate is 5.65% pa. The benchmark is used to calculate the taxable value of: a fringe benefit provided by way of a loan; and a car fringe benefit where an employer chooses to value the benefit using the operating cost method.
The ATO also released TD 2015/7 which sets out the weekly amounts the Commissioner considers reasonable under s 31G of the FBTAA for food and drink expenses incurred by employees receiving a living-away-from-home allowance (LAFHA) fringe benefit for the 2015-16 FBT year. If the total of an employee’s food or drink expenses exceeds the amount the Commissioner considers reasonable, the substantiation provisions under s 31G will apply.
The weekly amounts for locations within Australia for the 2015-16 FBT year are as follows (overseas locations are different):
- 1 adult – $241;
- 2 adults – $362;
- 3 adults – $483;
- 1 adult and 1 child – $302;
- 2 adults and 1 child – $423;
- 2 adults and 2 children – $484;
- 2 adults and 3 children – $545;
- 3 adults and 1 child $544;
- 3 adults and 2 children – $605; and
- 4 adults – $604.
For larger family groupings, add id=”mce_marker”21 for each additional adult and $61 for each additional child.
[LTN 57, 25/3/15] [IT 25/3/15]