Car Parking Fringe Benefits Tax (FBT) Solutions assesses your liability on car parking and provides car parking reports to assist you in calculating your car parking FBT liability.
We will always assess whether an exemption or exception applies or whether there is a more favourable method.
Our reports provide the lowest average cost of the lowest daily fee rates charged by a commercial parking station within a 1km practicable radius on the first and last day of the FBT year.
This will enable you to consider calculating the FBT benefit value under either the Statutory Formula Method, Average Cost Method, 12 Week Register Method or Commercial Parking Station Method.
Some Key Questions to Consider
Have you identified all parking across Australia locations provided directly (owned or leased) by your organisation?
Have you identified all parking locations provided indirectly (by a related employer or by a third party or under some other arrangement) by your organisation?
Have you assessed whether the parking you provide to employees at each location is subject to car parking FBT?
Are you confident that you have used the lowest ATO approved car parking rates to determine the taxable value of your FBT car parking?
Have you carefully documented and referenced the source of all car parking rates and methodologies used?