FRINGE BENEFITS TAX ASSESSMENT ACT 1986
An employer may elect that this section apply in relation to any or all of the car parking fringe benefits in relation to the employer in relation to a particular FBT year.
Subject to this Part, if an election is made under subsection (1) in relation to a car parking fringe benefit provided on a day in an FBT year, the taxable value, in relation to the FBT year, of the fringe benefit is:
(a) the amount that the recipient could reasonably be expected to have been required to pay the provider in respect of the provision of the benefit if it were assumed that the provider and the recipient were dealing with each other at arm's length;
(b) the amount of the recipients contribution.
(a) a suitably qualified valuer gives to the employer, before the declaration date, a report, in a form approved by the Commissioner, about the valuation of the fringe benefits; and
(b) the valuer is at arm's length in relation to the valuation; and
(c) the return of the employer of the FBT year, in so far as it relates to the taxable values of the fringe benefits, is based on the report.