Due to legislation changes, a number of Fringe Benefits Tax (“FBT”) rates have decreased with effect from 1 April 2017.
Salary packaging arrangements will also need to be re-evaluated to have effect from 1 April 2017 and possibly adjusted to account for the change in the salary packaging gross up rates.
The rate change will also affect the RFBA (Reportable Fringe Benefit Amount) reported on the 2018 PAYG Payment Summaries for employees receiving fringe benefits.
If you have any questions, see your Faculty Finance & Planning Manager / Division Support or email firstname.lastname@example.org.
The information below summarises the rate decreases for the 2018 FBT year (1 April 2017 – 31 March 2018).
|Rate||Current FBT Rate||Revised FBT Rate|
|Type 1 Gross Up Rate||2.1463||2.0802|
|Type 2 Gross Up Rate||1.9608||1.8868|