On 1st April 2019, Typo Pty Ltd purchased a new small passenger car costing $66,000 including GST. The Company allows the Managing Director to use the car for business & private purposes. Other particulars regarding the Vehicle for the period to 31 Mar 2020 are as follows :

Gross Total Running Costs - $8800 GST inclusive

Depreciation & Interest ( GST Exempt) $6,050

Log Book showed - Total Km Travelled 38,000km, Business KM travelled 14,440 KM

Note - Typo Pty Ltd is registered for GST ..

Question 7.1 - Calculate the taxable value of the car fringe benefit and the FBT payable for the FBT year, using the log book operating cost method.

Question 7.2 - Calculate the FBT payable using the statutory method.

Question 7.3 - Which method should the company adopt when paying the FBT on this Car?