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Increase to FBT rate – 1 April 2014

Due to legislation changes, a number of Fringe Benefits Tax (“FBT”) rates will increase with effect from 1 April 2014.   

The information below summarises the rate increases for the 2015 FBT year (1 April 2014 – 31 March 2015).

Rate

Current FBT Rate

Revised FBT Rate

FBT Rate

46.5%

47%

Type 1 Gross Up Rate

2.0647

2.0802

Type 2 Gross Up Rate

1.8692

1.8868

As a result of this change it is recommended that Faculties and Divisions take this opportunity to review the fringe benefits they provide, as the University may be required to pay a higher amount of FBT on benefits provided to employees from 1 April 2014.

If you have any questions, please see your Finance Manager or contact Linda Chapman by email taxhelpdesk@adelaide.edu.au

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