Updated FBT rates and thresholds

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.

Missed the 2023 FBT Roadshow? Download the online recording! Covering all the key FBT issues relevant to Governments and NFPs. Click here to download >

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