May 2018
MLCo • May 2, 2018
New 2018/19 FBT Rates:
The ATO has released Taxation Determinations setting out the following rates for the FBT year commencing on 1 April 2018:
FBT Benchmark Interest Rate: 5.20% p.a.
FBT Cents per Kilometre Basis:
| Engine Capacity | Rate per Kilometre |
| 0 - 2,500 cc | 54 cents |
| Over 2,500 cc | 65 cents |
| Motorcycles | 16 cents |
FBT Record Keeping Exemption Threshold: $8,552.
Other updates this month include :
- Employee denied deductions for work-related expenses
- Continued ATO focus on holiday home rentals
- Mandatory Single Touch Payroll for Employers with 20 or more employees
If you have any questions, please do not hesitate to contact us.
