The FBT Rate is Changing

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The FBT Rate is Changing

Mar22017

The FBT rate will decrease on 1 April 2017

The rate change is because of the 2% Debt Tax (Temporary Budget Repair Levy) on high-income earners which imposes a 2% levy on every dollar of a taxpayer’s annual taxable income over $180,000 from 1 July 2014 until 30 June 2017.

The FBT rate was brought into line with the Debt Tax to discourage high-income earners from using the FBT system to lower their taxable income. Assuming the Debt Tax does end on 30 June 2017 as anticipated and not extended, the FBT and gross up rates will decrease to previous levels from 1 April 2017.

FBT Year FBT Rate Type 1 Gross Up Rate Type 2 Gross Up Rate

1 Apr 2015 to 31 Mar 2017 49% 2.1463 1.9608

1 Apr 2017 onwards 47% 2.0802 1.8868

Carrick Aland has the approach and experience to assist you to properly manage your tax affairs and can look after you no matter what your circumstances. Call us in Dalby, Toowoomba or Chinchilla on 07 4669 9800.

March 2, 2017

Author: Carrick Aland

https://www.carrickaland.com.au/

Carrick Aland is QLD’s leading Rural and Small Business Financial Specialists helping the region thrive with accounting, tax, audit and wealth planning advice to individuals, businesses and farming families. With offices in Dalby, Toowoomba and Chinchilla, Carrick Aland Group is comprised of Carrick Aland Accountants, Carrick Aland Wealth Planning, Queensland Audit Services and Intuitive Super.

Dan has given me advice on income protection. Dan was able to explain it all to me in a very clear manner. Through Dan’s experience and knowledge I received a very positive outcome. I always receive full care and attention from Dan when needed.

KYLIEMeridan Plains

Over the past few years my wife and I have been planning to retire. Due to our limited understanding about financial investments, we realized expert advice from a professional financial planner was a priority to achieve the best possible retirement investment outcome.

We had already established a good rapport with Carrick Aland Accountants with Wayne Turner preparing our Tax Returns for a number of years and took every opportunity to seek advice on our future goals and aspirations heading into retirement.

CHRISTOPHER & CHRISTINAWright

The services of Carrick Aland Wealth Planning have always been at the highest professional standard, offering a service that is second to none. Their personable approach and commitment to delivering the best product and services is testament to the company and will ensure I continue returning to them. Most recently my involvement with Daniel Ellis and his insurance advice was simply exceptional, he worked hard to deliver the best product at the best rate for me and was incredibly considerate and professional in all his dealings.

KIRSTY O’BRIENJournalist

I was the recipient of the Dalby Chamber of Commerce Exceptional Service Award presented to me at the Business After Hours at White Industries. I wish to thank Carrick Aland Accountants for sponsoring this award. It is wonderful to see businesses like yours support our community and provide employees opportunities to be recognised and rewarded for their hard work and dedication to their employer. Thank you for the presentation of this award.

BRIANNA CELLEDONIDalby Engine Rebuilders

There were no speed bumps when we moved to Carrick Aland and Intuitive Super. For us it was the level of Wayne’s professional finger-on-the-pulse and strategy in his thinking that he delivered, together with Daniel Ellis and Beth Hall. They put a lot of work into the final breakdown and explained the strategy. The clever part is that now our SMSF is only one part of our financial puzzle. The standout for us was Wayne maximising our SMSF to devise a strategy with a long-term view.

ROWENA AND DAMIAN

Very knowledgeable & easy to understand. Willing to explain details if client unsure about something.

ROBERT

The FBT Rate is Changing

Author: Carrick Aland

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