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29 Mar 12 Benchmark interest rate 2012-13 - TD 2012/7

On 28 March 2012, the ATO issued Taxation Determination TD 2012/7 entitled "Fringe benefits tax: what is the benchmark interest rate to be used for the fringe benefits tax year commencing on 1 April 2012?"

It was not previously released in draft form.

The benchmark interest rate for the FBT year commencing on 1 April 2012 is 7.40% per annum. This rate replaces the rate of 7.80% that has applied for the previous FBT year commencing on 1 April 2011.

The rate of 7.40% 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.

 


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