FRINGE BENEFITS TAX ASSESSMENT ACT 1986 - SECT 39FA Spaces method of calculating total taxable value of car parking fringe benefits

FRINGE BENEFITS TAX ASSESSMENT ACT 1986 - SECT 39FA

Election

  (1)   If a provider provides one or more car parking benefits in respect of one or more employees of an employer in a particular FBT year, the employer may elect that this Subdivision applies to the employer's car parking fringe benefits for some or all of the employees for that FBT year.

Employer must specify employees covered by election

  (2)   The employer must specify that the election covers:

  (a)   all the employees; or

  (b)   all employees of a particular class; or

  (c)   particular employees.

Total value of car parking fringe benefits

  (3)   Despite any other provision of this Act (other than section   39FB) the total taxable value of the employer's car parking fringe benefits for employees covered by the election for the FBT year is the amount worked out using the spaces method under subsection   (4).

Note:   Section   39FB covers the situation where the number of spaces available to employees exceeds the number of employees.

Method

  (4)   The spaces method is:

Step 1 :   Work out an amount using the following formula, for each space for which there is, in the FBT year, at least one car parking benefit for an employee covered by the election:

Step 2 :   Work out the total of all the amounts calculated under Step 1 (the total statutory benefit ).

Step 3 :   Subtract from the total statutory benefit the sum of all relevant recipients contributions.

Note 1:   Section   39FC defines daily rate amount .

Note 2:   Section   39FD defines availability period .

Note 3:   Section   39FE defines relevant recipients contribution .

  (5)   The election is of no effect if, in working out the daily rate for a space, the fees referred to in subsection   39DA(3) are not representative (see section   39AB).