This final Taxation Determination was issued on 24 March 2010. It was not previously released in draft form. Its full title is "Fringe benefits tax: what is the benchmark interest rate to be used for the fringe benefits tax year commencing on 1 April 2010?"
The benchmark interest rate for the FBT year commencing on 1 April 2010 is 6.65% per annum. This rate replaces the rate of 5.85% that has applied for the previous FBT year commencing on 1 April 2009.
The rate of 6.65 per cent 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.
For a copy of TD 2010/6, go here