APC Pty Ltd purchased a car on 1 April for 32,000 (including GST) and during the...

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APC Pty Ltd purchased a car on 1 April for 32,000 (including GST) and during the next 12 months it incurred the following costs: Fuel Servicing/repairs Insurance Registration Depreciation (using 30%) Interest expense (using 5 85%) Total $3,510 $720 $640 $600 $9,600 $1,872 $16,942 The costs above include GST where applicable. A logbook showed that business use of the vehicle was 30%. Required: Assuming that it is not registered for GST, how much fringe benefits tax would APC Pty Ltd have to pay in respect of the FBT year ended 31 March 2022? You must show your calculation step by step and provide reasons for your treatment. APC Pty Ltd purchased a car on 1 April for 32,000 (including GST) and during the next 12 months it incurred the following costs: Fuel Servicing/repairs Insurance Registration Depreciation (using 30%) Interest expense (using 5 85%) Total $3,510 $720 $640 $600 $9,600 $1,872 $16,942 The costs above include GST where applicable. A logbook showed that business use of the vehicle was 30%. Required: Assuming that it is not registered for GST, how much fringe benefits tax would APC Pty Ltd have to pay in respect of the FBT year ended 31 March 2022? You must show your calculation step by step and provide reasons for your treatment.

Answer rating: 100% (QA)

1 Calculate the business use percentage Business use percentage 30 2 Calculate the total operating c... View the full answer