FBT Rate – 2013/14 & 2014/15
The FBT rate of tax has been increased by half a percent from 1 April 2014. The new rate of tax and the consequent increased gross-up rates follow:
|
FBT Year Ended |
Rate of Tax |
|
31 March 2015 |
47.0% |
|
31 March 2014 |
46.5% |
Gross-up Rates – 2013/14 & 2014/15
|
Description |
Gross-up Rate |
|
|
2013/14 |
2014/15 |
|
|
Type 1 |
2.0647 |
2.0802 |
|
Type 2 |
1.8692 |
1.8868 |
With the increase in the FBT rate to 47% from 1 April 2014, it’s important that employers immediately adjust their salary sacrifice arrangements with their employees. If you need assistance with this, please contact our office.
