ATO warns on FBT parking valuations
28 January 2020
The ATO is reminding employers who offer car parking fringe benefits to ensure the taxable value is calculated correctly.
If you chose to use the market value method to calculate your obligation, you need to engage an arm’s length valuer to provide a market valuation report.
The ATO have advised that it is still the employers responsibility to ensure the valuation is reasonable and does not incorrectly discount your FBT liability.
To avoid this, employers need to ensure that the valuer uses a daily rate that accurately reflects the market value.
If you are unsure about the basis of the valuation, the ATO recommends you seek professional FBT advice.
For more information, visit the ATO website
Contact the team at Shakespeare on 08 9321 2111 if you would like to discuss how this may apply to your individual circumstances.
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