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FBT rates and thresholds 2013–2014

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The ATO has released the following Taxation Determinations dealing with FBT rates and thresholds for the 2013–2014 FBT year (ie the FBT year that commenced on 1 April 2013):

  • TD 2013/5: for the purposes of s 28 of the Fringe Benefits Tax Assessment Act 1986 (FBTAA) the indexation factors for valuing non-remote housing are:

- NSW – 1.051;

- Vic – 1.030;

- Qld – 1.028;

- SA – 1.031;

- WA – 1.057;

- Tas – 1.020;

- ACT – 1.030; and

- NT – 1.045.

  • TD 2013/6: for the purposes of s 135C of the FBTAA the record-keeping exemption threshold is $7,779. (It was $7,642 for the 2012–2013 FBT year.)

  • TD 2013/7: the rates to be applied on a cents-per-kilometre 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: 49 cents/km;

- over 2500cc: 59 cents/km; and

- motorcycles: 15 cents/km.

  • TD 2013/8: the benchmark interest rate is 6.45% per annum. (It was 7.40% per annum for the 2012–2013 FBT year.) 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.

Sources: TD 2013/5, http://law.ato.gov.au/pdf/pbr/td2013-005.pdf;

TD 2013/6, http://law.ato.gov.au/pdf/pbr/td2013-006.pdf;

TD 2013/7, http://law.ato.gov.au/pdf/pbr/td2013-007.pdf;

TD 2013/8 http://law.ato.gov.au/pdf/pbr/td2013-008.pdf.

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