Eric provides his employee with the use of a car for 183 days during the FBT year. During this period the car travelled 16,000 km. Eric purchased the car last year for $50,000. The employee contributed $1,000 towards the cost of running the car and has provided Eric with relevant documentation.

Requirement: Calculate the taxable value of the car fringe benefit using the statutory formula. Please provide the full explanation along with related sections.