On 16 November 2020, Bright Ideas Pty Ltd, a management consultancy company, purchased a new vehicle costing $85,200 from a GST-registered car dealer and immediately provided it to one of its directors, Susan.

The $85,200 was broken down as follows:

Purchase price of car, inclusive of luxury car tax (GST-inclusive) - $80,000

Dealer delivery charges (GST-inclusive) - $1,500
Stamp duty (no GST) - $1,200
Customised wheels installed (GST-inclusive)  - $2,500

Susan maintained a log book for the entire 136-day period from 16 November 2020 to 31 March 2021. The log book revealed that the vehicle travelled 16,400 km of which 12,464 km were business-related.

The car was garaged at Susan's home each night of the 136 days from 16 November 2020 to 31 March 2021, except for 16 days, where the car was garaged at a smash repairs company as a result of an accident that occurred on 4 February 2021 and was therefore, off the road. The car keys were left with the repair company.

Susan made an after-tax cash contribution of $200 towards the running costs of the vehicle for the period 16 November 2020 to 31 March 2021, for which she was not reimbursed by her employer.

Furthermore, Susan also paid repair costs of $480 (GST-inclusive) directly to Smash & Bash Repairs for damages sustained to the car on 22 February 2021 as a result of the accident.

Motor vehicle costs incurred by Bright Ideas Pty Ltd for the period 136-day period from 16 November 2020 to 31 March 2021 are as follows:

$

Registration (GST-free for the period 16 November 2020 to 31 March 2021) -  $335

Insurance (GST-inclusive for period 16 November 2020 to 31 March 2021) - $229 

Petrol and oil (GST-inclusive) - $3,924

Repairs and maintenance paid by the company (GST-inclusive) ** $1,314

** This amount does not include the $480 paid by Susan directly to the smash repairs business.

Required

In respect of the abovementioned car benefit, calculate:

1. (i)  the fringe benefits taxable value of the car fringe benefit under the statutory formula method. There are 136 days from 16 November 2020 to 31 March 2021.

2. (ii)  the fringe benefits taxable value of the car fringe benefit under the operating cost method. There are 136 days from 16 November 2020 to 31 March 2021.

3. (iii)  calculate the fringe benefits tax payable by the company in respect of the car fringe benefit. Assume that the company wishes to minimise its FBT tax payable.

Please show all calculations. Round all calculations to the nearest whole dollar.

For income tax purposes, the company depreciates the motor vehicle over 8 years using the diminishing value deprecation method.

Please use 365 days for all calculations.