On 1st April 2019, Typo Pty Ltd purchased a new small passenger car costing $66,000 including GST. The Company allows the Managing Director to use the car for business & private purposes. Other particulars regarding the Vehicle for the period to 31 Mar 2020 are as follows :

Gross Total Running Costs - $8800 GST inclusive
Depreciation & Interest ( GST Exempt) $6,050
Log Book showed - Total Km Travelled 38,000km, Business KM travelled 14,440 KM
Note - Typo Pty Ltd is registered for GST ..
Question 7.1 - Calculate the taxable value of the car fringe benefit and the FBT payable for the FBT year, using the log book operating cost method.

Question 7.2 - Calculate the FBT payable using the “statutory method”.

Question 7.3 - Which method should the company adopt when paying the FBT on this Car?

Answer rating: 100% (QA)

Question 71 Calculate the taxable value of the car fringe benefit and the FBT payable for the FBT year using the log book operating cost method AMOUNT ... View the full answer