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FBT parking exemptions for small businesses

It is quite common for small businesses to provide their staff with car parking benefits, however, many business owners may not take into account the effect parking has for fringe benefits tax (FBT) purposes.

Fortunately, if you are a small business, car parking benefits are exempt if you meet all of the following conditions:

– the parking is not provided in a commercial car park
– you are not a government body, a listed public company, or a subsidiary of a listed public company
– either your gross total income for the last income year before the relevant fringe benefits tax (FBT) year was less than $10 million, or you were a small business for the last income year before the relevant FBT year.

Where an employer reimburses an employee’s car parking fees, i.e., if they park at a commercial car park, this will subject the employer to FBT.

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Trustee reporting obligations checklist

November 8, 2018

Trustees must comply with reporting obligations to avoid penalties from the ATO.

The following trustee reporting checklist to make sure you are stress-free at tax-time.

Trustees must: