FBT Rate – 2013/14 & 2014/15
The FBT rate of tax has been increased by half a percent from 1 April 2014. The new rate of tax and the consequent increased gross-up rates follow:
|
FBT Year Ended |
Rate of Tax |
|
31 March 2015 |
47.0% |
|
31 March 2014 |
46.5% |
Gross-up Rates – 2013/14 & 2014/15
|
Description |
Gross-up Rate |
|
|
2013/14 |
2014/15 |
|
|
Type 1 |
2.0647 |
2.0802 |
|
Type 2 |
1.8692 |
1.8868 |
Editor: With the increase in the FBT rate to 47% from 1 April 2014, it’s important that employers immediately adjust their salary sacrifice arrangements with their employees. If you need a hand with this, please call our office.
* * * Disclaimer: The information is sourced from NTAA. * * *
Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their circumstances.
