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 any relevant day 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, 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.