The FBT year is about to draw to a close and any employers in the FBT system should be gearing up to have their 2015 Fringe Benefits Tax return prepared for the period ended 31 March 2015. The end of one FBT year signals the start of a new one, and below are some key FBT rates and thresholds applicable from 1 April 2015:

• FBT tax rate: 49% (up from 47%)
• FBT gross-up factor: Type 1 = 2.1463; Type 2 = 1.9608
• Benchmark interest rate for loan fringe benefits: 5.65%
• Statutory formula method % for car fringe benefits: 20% (unless there was a pre-existing commitment as of 10 May 2011 to provide a car – speak to your tax adviser where you believe this circumstance applies)
• Cents per kilometre method for car fringe benefits: