Summary

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The Fringe Benefit Rates entity defines rates and thresholds for fringe benefit records for specific date ranges. These values are set by the ATO and they do not change between different employees or internal companies.

Fields

Start date:

Date that this rate starts.

End date:

Date that this rate ends.

Type 1 gross up rate:

Currently 2.1292

Type 2 gross up rate:

Currently 1.9417

Company FBT rate (%):

FBT percentage rate for your organisation.

GST rate (%):

GST percentage rate for your organisation.

PBI annual capping threshold:

30,000.00

Hospital/ambulance annual capping threshold:

17,000.00

Rebateable employer annual capping threshold:

30,000.00

Rebateable employer rebate (%):

48.0000

Gross Up Rates

Gross-up values reflect the gross salary that an employee would have to earn at the highest marginal tax rate, (including Medicare levy) to purchase the fringe benefit with after-tax dollars.

• If an employer is entitled to a GST credit for the fringe benefits they provide, then you use the higher gross-up rate (Type 2).
• If an employer is not entitled to a GST credit for the fringe benefits they provide, then you use the lower gross-up rate (Type 1).

Always use the lower gross-up rate for employee payment summaries.

Annual Capping Thresholds

The maximum value of grossed-up fringe benefits that a PBI can provide to an employee without the PBI having to pay Fringe Benefit Tax.

Note: The annual capping threshold applies to PBIs, hospitals, ambulance services and other rebatable employers.

The current annual capping thresholds are:

• $30,000 for a non-hospital PBI employee.
• $17,000 for a hospital employee.

For example, if a PBI provides a non-hospital employee with $35,000 in grossed-up fringe benefits per year, then the PBI must pay FBT on the excess $5,000.