Fringe Benefits Tax Savings
Benefits Tax Deduction for any Company Vehicle Parked with Andrew’s’
you own and or use a company vehicle when parking with Andrew’s Airport Parking
you are entitled to claim
Fringe Benefits Tax (FBT) deductions, on a pro rata basis, for every day the
company vehicle is parked. Andrew’s have a tax ruling in place
with the Australian Tax Office where once you have signed our approved
agreement you can claim back your FBT deduction.
example: if you parked your company vehicle with us for a total of 19 days
during the FBT year and your annual vehicle FBT tax was $4000, you would be
entitled to claim a deduction of 19 days off your FBT tax liability as follows:
days = $10.95 per day FBT.
days X $10.95 = $208.05 is the amount you can deduct from your FBT tax liability.
deduction can also be viewed another way, where if your average parking cost
was say $12 per day over the 19 days this would mean that your total parking
cost was $228.00 less your FBT saving of $208.05 leaves you paying a balance of
only $19.95 for your 19 days parking or $1.05 per day – that’s a very cheap net
airport parking rate. So for your 12 months of airport parking your net cost
is only $19.95!
be able to claim this deduction you and or your Company will need to join as
either a Corporate Individual FBT Member or take up a Company Membership, where
a Corporate Individual FBT Member is designed for a single person and a Company
Membership is designed for more than 10 persons using multiple vehicles. For
further information, including joining and other fees, please go to Members
section and click on Membership Options on our web site.