On 1 August 2014 Jazz Co. leased a car with a lease value of $41,000. Josh, an employee, uses the car mainly for work and driving to work each day from home where he keeps the car each night. Of the 11,000 km travelled in the car to 31 March 2014, (243 days of the FBT year) 9,000 km were for business purposes.

Jazz Co. incurred the following expenses on the car during the current FBT year:

Insurance for the year $950 Petrol & oil $1,680 Lease payments $5,000 Josh contributed $400 towards the private use of the car.

Required:

Calculate the taxable value of the car fringe benefit using the statutory formula method and the cost basis method?

(b) Jazz Co. provides another employee, Mary with the following during the year:

A voucher to a day spa valued at $280.

Flowers every month valued at $20 per bunch.

Relocation expenses for Marys furniture and home contents because she was transferred from the Sydney office to the Melbourne office.

A loan of $3,000 for Mary to pay for her childrens school fees. They charge her 3.5% interest per annum. The loan was taken out on the 1 April 2014 and remains unpaid. The statutory rate is 5.95%.

Jazz Co. pays $800 to Telstra relating to Marys home telephone account. 50% of the telephone usage was for business purposes.

Required:

Calculate the taxable value for FBT purposes of the benefits provided to Mary?