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Taxation Determination

TD 93/72

Fringe benefits tax: in what form must a car parking valuation be given for the purposes of paragraph 39D(3)(a) of the Fringe Benefits Tax Assessment Act 1986 (the FBTAA)?

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FOI status:

may be releasedFOI number: I 1214745

This Determination, to the extent that it is capable of being a 'public ruling' in terms of Part IVAAA of the Taxation Administration Act 1953 , is a public ruling for the purposes of that Part. Taxation Ruling TR 92/1 explains when a Determination is a public ruling and how it is binding on the Commissioner. Unless otherwise stated, this Determination applies to years commencing both before and after its date of issue. However, this Determination does not apply to taxpayers to the extent that it conflicts with the terms of a settlement of a dispute agreed to before the date of issue of the Determination (see paragraphs 21 and 22 of Taxation Ruling TR 92/20).

1. Paragraph 39D(3)(a) of the FBTAA (inserted by the Taxation Laws Amendment (Car Parking) Act 1992) requires that a market valuation of a car parking benefit must be provided in a form approved by the Commissioner.

2. A valuation will be in a form approved by the Commissioner if the valuation is in English and includes at least the following:

•
the date of the valuation;
•
a precise description of the location of the car parking facilities valued (for example either the street address or block and section number);
•
the number of car parks valued and the value of the carparks based on a daily rate;
•
the full name of the valuer and a description of his or her qualifications as a valuer;
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the signature of the valuer; and
•
a declaration stating that the valuer is at "arms-length" in relation to the valuation

3. It is also necessary for the employer to be able to produce, when required, details of the basis on which the valuation was determined. This information may be set out in a separate valuers report.

4. (Who will be both a "suitably qualified valuer" and at "arms length" for these purposes is discussed in a separate tax determination)

Commissioner of Taxation
22 April 1993

References

ATO references:
NO 93/559-0

ISSN 1038 - 8982

Subject References:
fringe benefits
car parking
valuation

Legislative References:
FBTAA 39D(3)(a)

TD 93/72 history
  Date: Version: Change:
You are here 22 April 1993 Original ruling  
  27 November 1996 Withdrawn  

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