FBT Savings

With the FBT year end just around the corner on 31 March – now is a good time to start thinking about making some serious FBT savings. Park yourself up for a few minutes and we will share with you the key to reducing your FBT liability.

fbt savings
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Do you want to save money on your car parking FBT liability?

Identifying the lowest daily rate within 1 kilometre

This is the most significant area where FBT savings can be made.

Whether you value your car parking fringe benefits using any of the following methods or a combination of these methods:

  1. Actual days;
  2. Statutory formula method;
  3. 12 week register method;
  4. Average cost method; or
  5. Commercial parking station method

We can help you to reduce your FBT liability. Companies, Accounting firms and Government organisations request our services for a number of reasons:

  • Tax Agent Sign Off – the provision of the lowest daily car parking rate is more than just the provision of a number, it is a carefully considered tax service.
  • Peace of Mind – we undertake a quality assessment to ensure that where FBT is payable, it is minimised and supported with the appropriate documentation; and where it is not payable, substantiation is provided.
  • Saving You Time – there is a considerable cost of your time in researching, measuring and applying the FBT law.
  • Accuracy and Saving – you will receive the lowest rate within 1km of the employer provided parking, so you will not be paying more tax than required. We often identify rates lower than those you may find yourself, which can mean large savings on FBT liability.
  • Valid Methodology – our process adopts the methodology accepted by the ATO to ensure accuracy and compliance.
  • Multiple Locations – many organisations have multiple locations across Australia and this can be logistically challenging for employers. We survey car parks Australia wide and have sourced the cheapest rates in each of these locations.
  • No Job Too Small – we can help you, whether you have 1 or 100 locations.
  • Retrospective Refunds – the lodgement of a FBT return is on a self assessment basis. Therefore, if you think you’ve paid too much FBT on your car parking historically, then we can assist you with claiming your refund from the ATO

We can process the refund on your behalf – that shows you how confident we are in the quality of our Car Parking Rates reports. All refunds are approved and usually released by the ATO within 28 days.

If you’ve paid too much FBT on car parking, there’s a good chance you’ve paid too much FBT in other benefit categories, examples being entertainment, in-house benefits and relocation expenses. Let us take a look... contact us.