To ascertain the value of the benefit, the employer is able to use any of the following three methods:
- actual (commercial parking station) method
- market value method
- average cost method.
When using the actual (commercial parking station) method, the value of the benefit is determined by the lowest all-day fee charged by any commercial car park operator located within a one kilometre radius of the employer provided parking.
The market value method requires the employer to obtain a valuation report from a suitably qualified valuer regarding the market value of the car parking.
The average cost method requires the value of the car parking benefits to be ascertained at the beginning and end of the period during the FBT year when car parking benefits were provided (1 April to 31 March for car parking benefits provided for the whole FBT year).