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Changes In The FBT Rate 2014/15

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 adjust their salary sacrifice arrangements with their employees.  If you need a hand with this, please contact us at info@jmpartners.com.au.

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