Errol provides his employees with the use of a car for 183 days during the FBT year. during this period the traveled 16000 km. Errol purchased the car last yer for $50000. the employee contributed $1000 towards the cost of running the car and has provided Errol with relevant documentation.

Requirement

Calculate the taxable value of the car fringe benefit using the statutory formula.

Answer rating: 100% (QA)

Taxable value under statutory formula value of the car statutory rate day... View the full answer