FRINGE BENEFITS TAX ASSESSMENT ACT 1986
If a provider provides one or more car parking benefits in respect of one or more employees of an employer in a particular FBT year, the employer may elect that this Subdivision applies to the employer's car parking fringe benefits for some or all of the employees for that FBT year.39FA(2) Employer must specify employees covered by election.
(a) all the employees; or
(b) all employees of a particular class; or
(c) particular employees. 39FA(3) Total value of car parking fringe benefits.
Despite any other provision of this Act (other than section
) the total taxable value of the employer's car parking fringe benefits for employees covered by the election for the FBT year is the amount worked out using the spaces method under subsection (4).
Section 39FB covers the situation where the number of spaces available to employees exceeds the number of employees.39FA(4) Method.
The spaces method is:
|Step 1:||Work out an amount using the following formula, for each space for which there is, in the FBT year, at least one car parking benefit for an employee covered by the election:|
|Daily rate amount||×||
Number of days in
availability periods in
relation to the space
|Step 2:||Work out the total of all the amounts calculated under Step 1 (the total statutory benefit ).|
|Step 3:||Subtract from the total statutory benefit the sum of all relevant recipients contributions.|
Section 39FC defines daily rate amount .
Section 39FD defines availability period .
Section 39FE defines relevant recipients contribution .39FA(5) [Fees must be representative]