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Question 7.2 - Calculate the FBT payable using the "statutory method". Question 7.3 - Which method should the company adopt when paying the FBT on this Car?

Question 7.2 - Calculate the FBT payable using the "statutory method". Question 7.3 - Which method should the company adopt when paying the FBT on this Car?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How to calculate based of Australia Taxation?
On 1st April 2019, Typo Pty Ltd purchased a new small passenger car costing $66,000 including GST. The Company allows the Managing Director to use the car for business & private purposes. Other particulars regarding the Vehicle for the period to 31 Mar 2020 are as follows: Gross Total Running Costs - $8800 GST inclusive Depreciation & Interest (GST Exempt) $6,050 Log Book showed - Total Km Travelled 38,000km, Business KM travelled 14,440 KM Note - Typo Pty Ltd is registered for GST.. Question 7.1 - Calculate the taxable value of the car fringe benefit and the FBT payable for the FBT year, using the log book operating cost method. Question 7.2 - Calculate the FBT payable using the "statutory method". Question 7.3 - Which method should the company adopt when paying the FBT on this Car? taxation law subject in Australia please solve this question. this is the full question no other requirements
Transcribed Image Text:On 1st April 2019, Typo Pty Ltd purchased a new small passenger car costing $66,000 including GST. The Company allows the Managing Director to use the car for business & private purposes. Other particulars regarding the Vehicle for the period to 31 Mar 2020 are as follows: Gross Total Running Costs - $8800 GST inclusive Depreciation & Interest (GST Exempt) $6,050 Log Book showed - Total Km Travelled 38,000km, Business KM travelled 14,440 KM Note - Typo Pty Ltd is registered for GST.. Question 7.1 - Calculate the taxable value of the car fringe benefit and the FBT payable for the FBT year, using the log book operating cost method. Question 7.2 - Calculate the FBT payable using the "statutory method". Question 7.3 - Which method should the company adopt when paying the FBT on this Car? taxation law subject in Australia please solve this question. this is the full question no other requirements
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