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FBTme provides car parking reports using average cost method to assist you in calculating your car parking fringe benefits tax liability.
We will always assess whether there may be a more favourable methodology and make recommendations as appropriate.
Our reports show the lowest daily fee rate charged by the operator of a commercial parking station in the ordinary course of business within a 1km practicable radius on the first and last day in the FBT year that you provide the parking benefit.
This will enable you to calculate the benefit value under the Statutory Formula Method, Average Cost Method, 12 Week Register Method and Commercial Parking Station Method.
Using our comprehensive Australia-wide dataset, we snapshot the lowest rates on all relevant days during the year to capture the most accurate and favourable parking rate.
Our tax team also monitor the latest interpretative guidance from the ATO including tax rulings (most notably TR2021/2), ATO ID’s and any case law (such as the Qantas case) and ensure we update our methodology and algorithms to reflect the correct position.
Key Questions
Have you identified whether the parking you provide to employees is subject to car parking FBT?
Are you using the lowest ATO approved car parking rates to determine the taxable value of your FBT car parking?
Are you using the lowest rate charged at each car park in your analysis? We find sometimes clients miss the lowest rate (which may be a periodic rate or special rate) that can either put the car park below the threshold or provide a lower tax valuation.
Did you capture the correct rates from the relevant beginning and end dates? The parking market can often be volatile and doesn’t always go up or down on trend.
Is the practicable route used correct – we have a proprietary mapping platform that determines practicable routes accounting for the various ATO compliant modes of travel.
