Question 5 On 18 July 2016 Taurus Ltd purchased outright a new Lexus Sedan costing $53,000 (GST inclusive) from a GST-registered car dealer and immediately provided it to Maggie who is one of its employees. The car was garaged at Maggie's home each night of 274 days to 31* March 2017. Maggie kept a logbook for the 274 day period from 1July 2016 to 314 March 2017. The logbook revealed that the vehicle travelled a total of 22,000 kilometres of which 18,000 kilometres were work related. Maggie made an after-tax cash contribution of $1,500 towards the running costs of the vehicle for the period 19 July 2016 to 31st March 2017. Motor vehicle costs incurred (and paid for) by Taurus Ltd for the period 1 July 2016 to 314 March 2017 are as follows: Registration Insurance Petrol and oil Repairs and maintenance $ 790 690 1,230 750 Your task: (a) Calculate the fringe benefits taxable value of the car fringe benefit using both the statutory formula method and the operating cost method. (b) Calculate the amount of fringe benefits tax payable by Taurus Ltd in respect of the FBT year ended 31 March 2017, assuming that Taurus Ltd wishes to minimize its FBT payable. Question 5 On 18 July 2016 Taurus Ltd purchased outright a new Lexus Sedan costing $53,000 (GST inclusive) from a GST-registered car dealer and immediately provided it to Maggie who is one of its employees. The car was garaged at Maggie's home each night of 274 days to 31* March 2017. Maggie kept a logbook for the 274 day period from 1July 2016 to 314 March 2017. The logbook revealed that the vehicle travelled a total of 22,000 kilometres of which 18,000 kilometres were work related. Maggie made an after-tax cash contribution of $1,500 towards the running costs of the vehicle for the period 19 July 2016 to 31st March 2017. Motor vehicle costs incurred (and paid for) by Taurus Ltd for the period 1 July 2016 to 314 March 2017 are as follows: Registration Insurance Petrol and oil Repairs and maintenance $ 790 690 1,230 750 Your task: (a) Calculate the fringe benefits taxable value of the car fringe benefit using both the statutory formula method and the operating cost method. (b) Calculate the amount of fringe benefits tax payable by Taurus Ltd in respect of the FBT year ended 31 March 2017, assuming that Taurus Ltd wishes to minimize its FBT payable