FBT rates 2014/15

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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.

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