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jim mcentee is provided with a company car which he is allowed to use for...

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Accounting

Jim McEntee is provided with a company car which he is allowed to use for private purposes. The car was purchased on 1 November 2017 for $40,000. During the year Jim drove the car 30,000 km of which 60% were for business trips. Costs associated with the vehicle (all paid by the employer) were: Petrol and oil $1,020 Registration and insurance $1,500 Maintenance $500 (a) Required: Calculate the Taxable Value of the benefit for the 2017/18 fringe benefits tax (FBT) year for the vehicle

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