Question: Holly is an employee of a real estate company. He has negotiated car benefits with his employer. Holly was provided with the car for the period 1 April 2021 to 31 March 2022. The leased car value was $36,000 on 1 April 2021, and the car had only been leased for a year at that time. Holly is required to pay for any petrol and other maintenance costs, which he has determined to be $1,600 for the period.

Advise Holly's employer as to the FBT consequences (using statutory formula method) arising out of the use of the car.

(Refer the statutory formula method) or Please make sure about that.

http://intelliconnect.wkasiapacific.com/docmedia/attach/WKAP-TAL-DOCS-PHC/87/xatl_g157.png

Please show all the caculations and explain it properly for clear understanding.