What is the current daily car parking rate threshold for an FBT liability?

The threshold for the 2013/2014 FBT year is $8.03 per day.

How long has carparkingFBT.com.au provided FBT rate reports?

carparkingFBT.com.au has been assisting corporations Australia-wide since the inception of FBT on car parking in 1992.

What makes carparkingFBT.com.au different?

At carparkingFBT.com.au our priority is accuracy and sourcing the cheapest rates possible for our clients. We do this by conducting extensive surveys Australia wide, in person. By conducting on site surveys, Australia wide, we ensure that we are always up to date with the latest offerings in the marketplace and our clients can always be confident they are receiving the most accurate advice.

Which method does carparkingFBT.com.au use to determine the value of a car parking benefit?

There are three methods used in determining the value of a car parking benefit:

1. Average rate method
2. Market valuation method
3. Commercial parking station method

As a general rule, carparkingFBT.com.au use the average rate method. This generally is the most cost effective for business. Where appropriate we also provide market rate valuations.

Is carparkingFBT.com.au qualified as a valuer for determination of a market valuation?

Yes

What information does carparkingFBT.com.au require to prepare a report?

Company details and address/es of the employer provided parking.

What is the format for the rate reports?

Rates for all nominated locations will be provided in one streamlined report, offering easy access to data and making lodgement preparation simple and less time consuming. If a valuation report is required it will comply in all respects to Taxation Ruling TR 96/26

How much does a report cost?

Our fees are very competitive. The price will vary depending on:

• Location of the nominated car park address/es
• Methodology used in the report
• Number of locations

Please contact us for a proposal including fee estimates based on your requirements.

How are the cheapest all day rates sourced?

We source our rates by conducting on-site surveys Australia wide, at different times throughout the year. carparkingFBT.com.au has a comprehensive database of car park information including;

• Car park fees
• Rate structures and special deals
• Operator/manager details
• Location and other pertinent details

Can we get the rates ourselves?

Yes. You can source rates to use in your FBT return yourself. However, companies use our services for a number of reasons;

• Time cost – there is a considerable cost of your time involved in researching the area, conducting measurements, comparative analysis and taxation compliance.
• Accuracy & saving –you will receive the cheapest rate within 1km of the employer provided parking or an appropriate market valuation (depending on which method is used), so you will not be paying more tax than required. We often identify rates cheaper than those you may find yourself, which can mean large savings on FBT liability.
• Valid methodology– our process has been tested and accepted as valid methodology by the ATO so you can be assured the rates we have sourced are correct and adhere to the strict ATO guidelines.
• Scale – in many cases, organisations have numerous sites nationally requiring assessment, often in unfamiliar or distant locations. We survey car parks Australia wide and are able to source rates in many remote locations.