Fringe benefits tax: in what form must a car parking valuation be given for the purposes of paragraph 39D(3)(a) of the Fringe Benefits Tax Assessment Act 1986?

Paragraph 39D(3)(a) of the FBTAA (inserted by the Taxation Laws Amendment (Car Parking) Act 1992) requires that a market valuation of a car parking benefit must be provided in a form approved by the Commissioner.

A valuation will be in a form approved by the Commissioner if the valuation is in English and includes at least the following: • the date of the valuation; • a precise description of the location of the car parking facilities valued (for example either the street address or block and section number); • the number of car parks valued and the value of the car parks based on a daily rate; • the full name of the valuer and a description of his or her qualifications as a valuer; • the signature of the valuer; and • a declaration stating that the valuer is at "arms-length" in relation to the valuation

It is also necessary for the employer to be able to produce, when required, details of the basis on which the valuation was determined. This information may be set out in a separate valuer's report.

(Who will be both a "suitably qualified valuer" and at "arms length" for these purposes is discussed in a separate tax determination).