FBT Calculation Chris is a full-time salesman employed by King; a forklift rental company located in Western Sydney which specialises in the rental and maintenance of a large fleet of forklifts and cranes. On 1 October 2021, King supplied Chris with a new car. The car cost $50,000 excluding GST to purchase $55,000 including GST and is garaged at Chris' home on most nights. King also provided Chris with a leather compendium valued at $250 that allows him to take notes while meeting potential customers. To date, King has paid $1,100 for maintenance and repairs of the car, $700 for its registration and $1,200 for insurance. Chris has paid $2,000 in fuel expenses. Chris also keeps all invoices, receipts, and odometer readings. The car needed to be returned to the manufacturers for warranty repairs from the 1st to the 10th of January 2022. By 30 March 2022, Chris had travelled a total of 10,000 kms in the car, with 5,000 kms being for private use. The deemed depreciation in respect of the car for the 2022 FBT year is $7,963. On 1 September 2021, Chris sustained a sports injury and King lent Chris $20,000 to cover his out-of-pocket therapy costs. This loan was an interest free loan which Chris agreed to repay by the following year. On 1 January 2022 Chris was advised that the loan had been waived out of good faith and he no longer was required to pay it back. King is unsure how the above will be treated for taxation purposes and has come to you for advice. Required: By reference to legislation and relevant case law (if any), calculate the total FBT liability for the car, compendium and the loan.