On Wednesday 29.3.2017, the Commissioner released the annual Taxation Determinations of FBT rates, thresholds and other amounts for the 2017-18 FBT year (ie 1 April 2017 to 31 March 2018).
TD 2017/2: The FBT record-keeping exemption threshold for 2017-18 is $8,393 (up from $8,286).
TD 2017/3: The benchmark interest rate for the 2017-18 FBT year is 5.25% per annum (down from 5.65%). The benchmark interest rate is used in calculating the taxable value of car fringe benefits (if the employer uses the operating cost method) and loan fringe benefits.
TD 2017/4: The cents-per-kilometre rates for calculating the taxable value of a fringe benefit arising in the 2017-18 FBT year from the private use of a motor vehicle (other than a car) are:
Engine capacity | Rate per kilometre |
0 – 2500cc | 53 cents |
Over 2500cc | 63 cents |
Motorcycles | 16 cents |
TD 2017/5: sets out the weekly amounts the Commissioner considers reasonable for food and drink expenses incurred by employees receiving a living-away-from-home allowance (LAFHA) fringe benefit. Separate reasonable amounts apply for locations within Australia and for locations overseas. The weekly amounts for locations within Australia for the 2017-18 FBT year are:
- 1 adult – $247;
- 2 adults – $371;
- 3 adults – $495;
- 1 adult and 1 child – $309;
- 2 adults and 1 child – $433;
- 2 adults and 2 children – $495;
- 2 adults and 3 children – $557;
- 3 adults and 1 child – $557;
- 3 adults and 2 children – $619; and
- 4 adults – $619.
An “adult” for this purpose is a person aged 12 years or more at 31 March 2017. For larger family groupings, add $124 for each additional adult and $62 for each additional child.
TD 2017/6: The indexation factors for valuing non-remote housing for the 2017-18 FBT year are:
- New South Wales – 1.024;
- Victoria – 1.014;
- Queensland – 1.005
- South Australia – 1.010;
- Western Australia – 0.942;
- Tasmania – 1.025;
- Northern Territory – 0.933; and
- ACT – 0.998.
[LTN 59, 29/3/17]