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These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.
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Notes Online Home 2020 FBT Basics FBT rates and thresholds
In this section of the notes we deliver a brief overview of the FBT rates and thresholds that tax practitioners and employers will need to apply (where appropriate), under the following broad headings:
• FBT rate and gross-up rates
• FBT-exempt and FBT-rebatable capping thresholds
• Threshold amounts for FBT exemptions and reductions
• FBT reportable benefits threshold
• Benchmark interest rate
• Reasonable food component of LAFHAs
• Non-remote area housing – indexation factors
• Car parking threshold
• Taxable value of motor vehicles which are not cars
• Record-keeping exemption threshold