Fringe Benefits Tax Assessment Act 1986

PART III - FRINGE BENEFITS  

Division 10A - Car parking fringe benefits  

Subdivision B - Taxable value of car parking fringe benefits  

SECTION 39DA   TAXABLE VALUE OF CAR PARKING FRINGE BENEFITS - AVERAGE COST METHOD  

39DA(1)   Election.  

An employer may elect that this section applies to any or all of the employer's car parking fringe benefits for a particular FBT year.

39DA(2)   Taxable value.  

Subject to this Part, if an election covers a car parking fringe benefit, the taxable value of the fringe benefit is the average cost worked out under subsection (3) reduced by the recipients contribution.

39DA(3)   Method of working out average cost.  

The average cost is:

A   +   B 2

where:

A is the lowest fee charged in the ordinary course of business to members of the public for all-day parking by any operator of a commercial parking station located within a 1 km radius of any of the relevant parking premises on the day on which a car parking benefit is first provided in that FBT year in relation to the employer in connection with any of those premises.

B is the lowest fee charged in the ordinary course of business to members of the public for all-day parking by any operator of a commercial parking station located within a 1 km radius of any of the relevant parking premises on the day on which a car parking benefit is last provided in that FBT year in relation to the employer in connection with any of those premises.

relevant parking premises means the premises referred to in paragraph 39A(1)(a) .

39DA(4)   Fees must be representative.  

An election is of no effect if the fees referred to in subsection (3) are not representative (see section 39AB ).