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Question: Jivin is an employee of a real estate company. He has negotiated car benefits with his employer. Jivin was provided with the car for
Question: Jivin is an employee of a real estate company. He has negotiated car benefits with his employer. Jivin 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. Jivin is required to pay for any petrol and other maintenance costs, which he has determined to be $1,600 for the period.
Advise Jivin's employer as to the FBT consequences (using statutory formula method) arising out of the use of the car.
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