FAQs

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 below, 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 blog.

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Answers

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In virtually all cases, packaging of a car parking space creates savings for the employee and their employer.

The threshold for the 2016 FBT year is $8.77.

We source rates based on two valuation methods:

  1. Daily commercial parking station
  2. Average cost at 1 April and 31 March.

If necessary we can obtain a market valuation.

We have access to a purpose built FBT valuation platform that is automated to source rates on a daily basis across Australia.

Companies, Accounting firms and Government organisations request our car parking rates services

We require addresses of all business locations and addresses of all employer provided parking in respect of those locations.

Our fees will depend on the following;

  1. Number of locations
  2. Valuation method requested

Members and FBT return clients receive a discount.

Please CONTACT US for a proposal including fee estimates based on your requirements (ie Number of locations and Valuation method). Let us know if you want to bundle the car parking report with a FBT Return review.

Let us check for you and provide a custom report signed off by a Registered Tax Agent.

We can also process the FBT 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.

If you’ve paid too much FBT on car parking, there’s a good chance you’ve paid too much FBT in other benefit categories, examples being entertainment, in-house benefits and relocation expenses. Let us take a look. Contact us today.

Definitely. In our experience the use of a 12 week register will reduce the FBT liability significantly and once completed it is valid for 5 years. Another common way to reduce the FBT liability is by regular tracking of "no benefit" days. Talk to us about ways to reduce your FBT liability further.