The car parking FBT rules have undergone significant recent change – bringing more employers in to the car parking FBT net and increasing FBT liabilities for those employers already in the car parking FBT net. The rules are complex and often misunderstood. Let us help you maximise your understanding and minimise your FBT liability.
We help our clients understand the complex rules around car parking fringe benefits and provide quality car parking valuation rate reports for FBT returns including use of Average Cost Method, Statutory Formula Method, Commercial Parking Station Method, 12 Week Register Method and Market Valuation Method. Enquire further about how we can assist you below:
Car Parking Liability Assessment and Valuations
How we can help you
How we can help youWe can help you in a variety of ways including:
- Assess your liability to 2025 FBT
- Provide a lowest rate valuation for 2025 FBT
- Checking on the 1 kilometre radius
- Suggestions to reduce your FBT liability or restructure your Car Parking benefit offering
- Reviewing your Car Parking policies, processes and procedures
- Reviewing past FBT returns – have you paid too much FBT and therefore entitled to a refund?
Identify Savings
Identify SavingsCan 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
We have identified significant savings for our clients on their historical (obtaining a ATO refund) and ongoing car parking FBT liability
We have saved clients tens of thousands of dollars on their car parking FBT liability by providing lower commercial parking rates within a 1km radius of their office locations. For example, many employers value their car parking fringe benefits in the Sydney CBD at over $20 per day. In the past, we have been able to source commercial parking rates within a 1km radius as low as $12 per day. The $8 difference per parking space per day will result in significant historical and ongoing FBT savings for employers!
We can help by identifying the lowest daily rate within 1 kilometre
This is the most significant area where FBT savings can be made – either by reducing the FBT liability or eliminating FBT altogether.
Whether you value / calculate 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;
- Commercial parking station method
- Market Valuation Method
We can help you to reduce your FBT liability. Corporates, SME’s, Accounting firms and Government organisations request our services for a number of reasons:
- 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 you may be able to claim a refund from the ATO.