The benchmark interest rate for the fringe benefit tax year commencing 1 April 2009 has dropped to 5.85%.
This replaces the previous FBT year’s rate of 9%. The rate of 5.85% is used to calculate the taxable value of:
- a fringe benefit provided by way of a loan; and
- a car fringe benefit where an employer chooses to value the benefit using the operating cost method.
Source: TD 2009-10
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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