Identify your car parking benefits and FBT savings
We can help you to understand the complex rules and how they apply to your business.
What is a parking benefit?
If you provide or reimburse any of the following, you will probably have a parking benefit:
- Leasing of car parking
- Owned car parking
- Parking related to shift workers
- Provision of car parking vouchers
- Provision of car parking passes
- Reimbursement of car parking expenses
- Valet parking
How we can help you
We can help you in a variety of ways including:
- Reviewing your valuation methodologies
- Assessing your daily rate calculations
- Checking on the 1 kilometre radius
- Reviewing your policies, processes and procedures
- Reviewing past FBT returns
Can we reduce our FBT liability?
We can help you to understand the complex rules as they apply to your business by looking at:
- Alternate valuation methodologies
- Use of 12 week registers (valid for 5 years)
- Frequent travellers
- Restructuring parking arrangements
- Salary packaging of car parking
Do you want to save money on your car parking FBT liability?
Identifying the lowest daily rate within 1 kilometre is the most significant area where FBT savings can be made. Whether you value your car parking fringe benefits using any of the following methods or a combination of these methods:
- Actual days;
- Statutory formula method;
- 12 week register method;
- Average cost method; or
- Commercial parking station method
We can help you to reduce your FBT liability
Companies, Accounting firms and Government organisations request our services for a number of reasons:
- Tax Agent Sign Off – the provision of the lowest daily car parking rate is more than just the provision of a number, it is a carefully considered tax service.
- Peace of Mind – we undertake a quality assessment to ensure that where FBT is payable, it is minimised and supported with the appropriate documentation; and where it is not payable, substantiation is provided.
- Saving You Time – there is a considerable cost of your time in researching, measuring and applying the FBT law.
- Accuracy and Saving – you will receive the lowest rate within 1km of the employer provided parking, so you will not be paying more tax than required. We often identify rates lower than those you may find yourself, which can mean large savings on FBT liability.
- Valid Methodology – our process adopts the methodology accepted by the ATO to ensure accuracy and compliance.
- Multiple Locations – many organisations have multiple locations across Australia and this can be logistically challenging for employers. We survey car parks Australia wide and have sourced the cheapest rates in each of these locations.
- No Job Too Small – we can help you, whether you have 1 or 100 locations.
- Retrospective Refunds – the lodgement of a FBT return is on a self assessment basis. Therefore, if you think you’ve paid too much FBT on your car parking historically, then we can assist you with claiming your refund from the ATO
We can process the refund on your behalf – that shows you how confident we are in the quality of our Car Parking Rates reports. All refunds are approved and usually released by the ATO within 28 days.
Car parking is an ideal benefit to salary package for a number of reasons:
- The cost of packaging in virtually all cases will result in an increased take home pay for the employee.
- For employees of exempt and concessionally taxed employers, the savings will be even greater.
- Combine the packaging of a car and a car park – FBT savings can be generated for both by recording “no benefit” days on the same documentation. Let us show you how… contact us.
- Prepare a log book for your car benefit and car parking benefit at the same time – save time and double the savings. Let us show you how… contact us.
- The employer claims the GST and only charges you the GST exclusive cost.
- Car parking is a concessionally taxed fringe benefit.
- If your employer provides the parking outside the vicinity of where you work, then the parking may be FBT free.
- If where you work is outside the main CBD area, then the parking may be FBT free.
- Use of the after tax contribution method will generally give rise to even greater employee savings.
- The FBT law allows for a number of valuation methodologies – choose the one that fits your work lifestyle.
Looking for quality Car Parking Rates reports for your FBT Return?
Download our form to order your reports today!Download Now
Your car parking questions
Below are some of the questions in relation to Car Parking & FBT we are frequently asked.
If you have ever considered any (or all) of the following questions, then contact us for assistance. If you would like to keep up to date with the latest FBT news or have further questions please visit our news pages.
- Can I salary package a car parking space?
- What is the current daily FBT car parking rate liability threshold?
- How does FBT Solutions determine the value of a car parking benefit?
- How do we source car parking rates for you?
- What information does FBT Solutions require to prepare a report?
- How much does a FBT valuation report cost?
- How do we know if we’ve paid too much FBT historically?
- Are there other ways to reduce the FBT liability?