Frequently Asked Questions
What is the current daily car parking rate threshold for an FBT liability?
The Fringe Benefits Tax (FBT) threshold for the 2023/2024 FBT year is $10.40 per day.
How long has National Parking Consultants provided FBT car park rate reports and Market Valuations?
National Parking Consultants has been assisting corporations Australia-wide since the inception of Fringe Benefits Tax (FBT) on car parking in 1992.
What makes National Parking Consultants different?
At NPC our priority is on accuracy and sourcing the cheapest rates possible for our clients. We do this by conducting extensive surveys in person, Australia wide, as well as extensive on-line data collection. Extensive market research, data collection and analysis is undertaken to ensure we capture all relevant car park data to provide our clients with the lowest car parking rates available, with the goal of lowering FBT liability.
Which method does NPC use to determine the value of a car parking benefit?
As set out in the Fringe Benefits Assessment Act 1986, there are three methods used in determining the value of a car parking benefit:
Average cost method
Market valuation method
Commercial parking station method
As a general rule, NPC use the average rate method. This generally is the most cost effective for business. Where appropriate we also provide market rate valuations.
Is NPC qualified as a valuer for the determination of a market valuation?
Yes, we are qualified, ATO approved valuers for Market Rate Valuation reports.
What information does NPC require to prepare a report?
Generally we only require company details and address/es of the employer provided parking.
What is the format of the FBT car park rate reports?
Rates for all nominated locations will be provided in one streamlined report, offering easy access to data and making lodgement preparation simple and less time consuming.
Market Rate Valuation reports will comply with the most up to date legislative requirements and commissioners guidelines.
How much does a report cost?
Our fees are very competitive. The price will vary depending on:
Location of the nominated car park address/es
Methodology used in the report
Number of locations
Please contact us for a proposal including fee estimates based on your requirements.
How are the cheapest all day rates sourced?
We source our rates by conducting regular on-site surveys Australia wide, as well extensive online data capture to find the cheapest rates. NPC has a comprehensive database of car park information including;
1. Car park fees
2. Rate structures and special deals
3. Operator/manager details
4. Location and other pertinent details.
Can we get the rates ourselves?
Yes. You can source rates to use in your FBT return yourself. However, companies use our services for a number of reasons;
Time cost – there is a considerable cost of your time involved in researching the area, conducting measurements, comparative analysis and taxation compliance.
Accuracy & saving – you will receive the cheapest rate within 1km of the employer provided parking or an appropriate market valuation (depending on which method is used), so you will not be paying more tax than required. We often identify rates cheaper than those you may find yourself, which can mean large savings on FBT liability.
Valid methodology – our process has been tested and accepted as valid methodology by the ATO so you can be assured the rates we have sourced are correct and adhere to the strict ATO guidelines.
Scale – in many cases, organisations have numerous sites nationally requiring assessment, often in unfamiliar or distant locations. We survey car parks Australia wide and are able to source rates in many remote locations.
Can you please provide information of the new ATO Taxation Ruling 2021/2?
For more information of the FBT new Tax Ruling 2021/2, we have outlined details on the Tax Rulings page. Please contact us should you wish to discuss the potential implications for your business.