As the 2023/24 FBT year commences it is always important to monitor changes to relevant rates and thresholds. A full listing of FBT rates and thresholds for 2023/24 can be viewed at the ATO website.
A couple of key rates and thresholds to note though:
- the car parking threshold for 2023/24 has finally cracked $10 with the threshold for 20234/24 being set at $10.40, hopefully the jump above $10 may see a few commercial car parks fall below the threshold in terms of the lowest all day parking rate they offered on the first business day in April 2023; and
- the statutory interest rate has increased from 4.52% to 7.7% so any benefits that are calculated with reference to the statutory interest rate will need updating.
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