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An employer purchases a car on 1 May 2021 for $33,000 and provides that car to an employee to use for private purposes for the
An employer purchases a car on 1 May 2021 for $33,000 and provides that car to an employee to use for private purposes for the rest of the FBT year. A log book was maintained by the employee, which showed their work related use of the motor car to be 30%. If the employee reimbursed the employer $3,000 for using this car and the total operating costs for this car (including any deemed depreciation and interest) were $16,000, what would be the taxable value of this car fringe benefit provided under the operating costs method?
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