Example 3
Anglesey Wools Ltd buys a fleet of cars for their employees with FBT calculated on a quarterly basis. All vehicles were available throughout the quarter. To show cost price and the tax book option all vehicles have been owned by the company for 12 months and were purchased on their balance date.
| Vehicle description | Cost price $ | Value of the benefit $ | Recipient contributions $ | Taxable value $ |
|---|---|---|---|---|
| Car 1 |
95,000
|
4,750
|
210
|
4,540
|
| Car 2 |
52,000
|
2,600
|
170
|
2,430
|
| Car 3 |
40,000
|
2,000
|
190
|
1,810
|
| Car 4 |
38,000
|
1,900
|
130
|
1,770
|
| Car 5 |
29,000
|
1,450
|
110
|
1,340
|
| Car 6 |
27,000
|
1,350
|
160
|
1,190
|
| Total payable |
13,080
|
Notes
Cost price calculation to obtain value of benefit:
|
|
|
|
| Vehicle description | Tax book value $ | Value of the benefit $ | Recipient contributions $ | Taxable value $ |
|---|---|---|---|---|
| Car 1 |
60,800
|
5,472
|
210
|
5,262
|
| Car 2 |
33,280
|
2,995
|
170
|
2,825
|
| Car 3 |
25,600
|
2,304
|
190
|
2,114
|
| Car 4 |
24,320
|
2,188
|
130
|
2,058
|
| Car 5 |
18,560
|
1,670
|
110
|
1,560
|
| Car 6 |
17,280
|
1,555
|
160
|
1,395
|
| Total payable |
15,214
|
Notes
Tax book value calculation to obtain value of benefit:
|
|
|
|
Tax book value has been calculated using 36% diminishing value depreciation rate.
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