• 16.2 Taxable value - summary of methods

    There are five ways you can calculate the taxable value of a car parking fringe benefit:

    1. Commercial parking station method - you must keep records of the actual number of car parking fringe benefits provided.
    2. Market value method - you must keep records of the actual number of car parking fringe benefits provided.
    3. Average cost method - you must keep records of the actual number of car parking fringe benefits provided.
    4. 12-week register method - once every five years, you must keep records of the use of car parking spaces for a 12-week period, and value the use as if you had used the commercial parking station method, the market value method or the average cost method.
    5. Statutory formula method - 228 car parking fringe benefits are deemed to arise from the use of each car parking space during the course of the FBT year and are valued in a way similar to the commercial parking station method, the market value method or the average cost method.

    The commercial parking station method must be used unless you elect to use one of the alternative methods. You must decide to use an alternative method no later than the day on which your FBT return is due to be lodged with the Tax Office or, if you do not have to lodge a return, by 21 May. You may elect to use an alternative method for any or all of your car parking spaces. The use of a particular method in a previous year does not affect what methods you choose in subsequent years.

      Last modified: 05 Jul 2012QC 17813