Lim receives a car and a loan from his employer as part of his salary package. Using the following details, determine the amount of FBT the employer would pay for the 2020 FBT year. Car– Base value of the car purchased in 2018 was $40000-The car is used by Lim for the full FBT year-Lim does not make any contribution towards the running costs of the vehicle-The car has travelled 20000km in the current year-A logbook has not been keptLoan– Principal amount of $100000-Interest rate charged for the loan is 2%-The loan proceeds were used for private purposes

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FBT for 2020 5344 Fringe benefits tax or FBT It refers to a tax th... View the full answer