Ralf was employed by Central Coast Consultants (NSW) Pty Ltd ('Central') as their General Manager on 02 June 2019. Central provided Jason with an executive car, which was purchased and delivered on the day Ralf commenced his employment. The car was purchased for $62,000, including $2,200 stamp duty. Jason drove a total of 18,200 km from 02 June 2019 to 31 March 2020. He has a logbook showing business use of 20%. Part of Jason's employment contract required Jason to pay all of the running costs on his car. The total value of all running costs for the FBT year ended 31 March 2020 was $5,200. Calculate the Fringe Benefits Tax consequences for Jason's vehicle, showing all of your calculations, using: a) The statutory formula method b) The operating cost method Which method would Unique prefer?

Please, we need to determine "gross up" the fringe benefit amount to , and then derive the tax.

Thank you.

Here I found this link on ATO website, to check the calculation:

https://www.ato.gov.au/Calculators-and-tools/Host/?anchor=FBTCar&anchor=FBTCar/questions#FBTCar/questions

Statutory formula method
Base value of car	$62,000
Statutory percentage	20%
Number of days available for private use	302
Annualised Km's (18,200km/(302/365))	26,569 km
Value	$10,259
Less: contribution	$5,200
Net value	$5,059
FBT Gross up rate - Type 1 benefit	2.1463
FBT value	$10,858
FBT rate	49%
FBT	$5,320

b)

Operating cost method
Deemed depreciation (25% of $62,000) x (302/365)	$12,825
Deemed interest (7.4% x $62,000) x (302/365)	$3,796
Actual operating cost	$5,200
Total cost	$21,821
Private use percentage (80%)	$17,457
Less personal contribution	$5,200
Net value	$12,257
FBT Gross up rate	2.1463
FBT Value	$26,307
FBT rate	49%
FBT	$12,890

Thanks