Australia Tax Agency Issues Updated Guidance on Fringe Benefits Tax for 2024

The Australian Taxation Office March 19 issued updated guidance on fringe benefits tax (FBT). Topics covered include: 1) the 47 percent FBT rate for tax years 2022 through 2025; 2) separate gross-up rates for benefit providers eligible and ineligible to claim GST credits; 3) the recordkeeping exemption threshold of A$9,786 (US$6,467) for the year ending March 31; 4) criteria for the exempt private use of eligible electric vehicles; 5) rates for calculating FBT for motor vehicles; and 6) procedures and forms for lodging returns and paying FBT. [Australia, Australian Taxation Office, 03/19/24]

Reference: View Fringe Benefits Tax Return 2024 Instructions ...