Fringe Benefits Tax Savings

‘Fringe Benefits Tax Deduction for any Company Vehicle Parked with Andrew’s and or Busy Beaver’

If you own and or use a company vehicle when parking with Andrew’s Airport Parking and or our sister company Busy Beaver 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 and Busy Beaver 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.

For 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:

$4000/365 days = $10.95 per day FBT.

19 days X $10.95 = $208.05 is the amount you can deduct from your FBT tax liability.

This 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!

To 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.

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