Question 2 (5 marks) On 1 January of the current calendar year, an employer purchased a new car at a cost of $58,000. The car is given to an employee who uses it mainly for private purposes - of the 6,000 km travelled to 31March,900km were for business purposes. Expenses incurred were: Registrationandinsurancefor12monthsfrom1JanuaryPetrolandoil(permonth)Repairs(blowntyre14February)Contributionbyemployeeforpetrolandoil(declarationprovidedtoemployer)$$1,200125150100 Calculate the taxable value of the car fringe benefit, using the Statutory formula method. (Assume the car is garaged at the employee's home each night.) (5 Marks) Additional information Statutory formula method = Question 2 (5 marks) On 1 January of the current calendar year, an employer purchased a new car at a cost of $58,000. The car is given to an employee who uses it mainly for private purposes - of the 6,000 km travelled to 31March,900km were for business purposes. Expenses incurred were: Registrationandinsurancefor12monthsfrom1JanuaryPetrolandoil(permonth)Repairs(blowntyre14February)Contributionbyemployeeforpetrolandoil(declarationprovidedtoemployer)$$1,200125150100 Calculate the taxable value of the car fringe benefit, using the Statutory formula method. (Assume the car is garaged at the employee's home each night.) (5 Marks) Additional information Statutory formula method =