What is an example of the FBT calculation?
Example of FBT calculation using statutory formula method Assume: • the car is purchased by an employer for $30,000 (GST inclusive) on 1 October 2007 and that the car’s base value is $30,000; • for the whole period 1 October 2007 to 31 March 2008 (ie. 182 days) the car is available for private use by the employee who travels 15,000 kilometres. The projected total kilometres for the full 2007 – 2008 FBT year would be 30,082, with the result that the relevant statutory percentage is 11%; • the employee pays fuel costs of $1,000 and provides the employer with the necessary declaration.
