Fringe Benefits Tax Rates and Thresholds for FBT year commencing 1 April 2011

The tax office has released new Fringe Benefits determinations dealing with FBT rates and thresholds for the FBT year commencing 1 April 2011 to 31 March 2012:

1. Food component of a Living Away From Home Allowance for expatriate employees per week.

It has been determined the reasonable food component of a LAFHA for an expatriate employee per week is:

$233 for 1 adult, $373 for 2 adults, $419 for 3 adults, $301 for 1 adult and 1 child, $419 for 2 adults and 1 or 2 children, $488 for 2 adults and 3 children, $488 for 3 adults and 1 child, $558 for 3 adults and 2 children and $558 for 4 adults.  For larger family groups add $140 for each additional adult and $68 for each additional child.

2. Private use of a motor vehicle other than a car:

The rates to be applied on a cents-per-km basis for calculating the taxable value of a fringe benefit that arises through the use of a vehicle other than a car are:

0-2500cc - 46 cents/km, over 2500cc  – 55 cents/km and Motorcycles 14 cents/km

3. The benchmark interest rate is 7.8% pa